Financial Times , 1982, UK, English

*7

WOLSELEY
-HUGHES

Central to
Britain's heating.

Heatir^andPtumdingMercharta
Farm and Garden Madwiery.Engreering. Plastics.

LONGINES

No. 28,757

PUBLISHED IN LONDON AND FRANKFURT

Saturday April 24 1982

- -i >

***30p= V :

World’s!
Most

Honoured!
Watch

V-.

CONTINE NTAL SELLING PRICES; AUSTRIA Sch. IB; BELGIUM Fr30; DENMARK Kr6.50; FRANCE Fr 5.00: GERMANY DM £.0; ITALY L 1.000: NETHERLANDS FI 2.Z5; NORWAY Kr6.0(fc PORTOliS Esc 85j» SWEDEN Kr 6.00; SWITZERLAND FrZ.0: EIRE «Zp: MALTA 30 b

s^ials

P.7

House purchase:

How to get the
money on time

A taste
of California

p.io

Hever Castle:
At home with
LordAstor

MANS SIM MARY

GENERAL

BUSINESS

Jamaican

couple

win

damages

A Jamaican eonple were
awarded £51.392 damages by a
High Cowl judge who said they
have been subjected to a “ cata-
logue oF violence and inhuman
treatment hy young officers."

Mr Justice Mars-Jooes
awarded the damages to David
and Lucille While following an
incident five years ago in which
they were beaten by police who
“unlawfully invaded" their
North London home.

The court heard that the
couple had suffered multiple
injuries at the hands of 17
officers. Scotland Yard is to
study the evidence before decid-
ing if any action, should be taken
against them.

Poles ‘to ease
martial law 1

Several hundred interned Poles
will be released in' the nest
week as part of a relaxation of
martial law, the Polish ambas-
sador lo Sweden said. Polish
auihorities said there have
been 220 cases of "sabotage
and .diversionary acts ” includ-
ing 7fi damaged machines in
fai luries and - 10 explosions
since martial law was imposed.

Move oh Militants

Prospects of the Labour Party
expelling groups such as Mili-
tant Tendency increased after
the Amalgamated Union of
Engineering Workers voted to
press for reintroduction of the
party's list of proscribed org-
anisations. Back Page

Fares Bill fails

The second reading on the
private member's Bill lo let
Greater London Council sub-
sidise bus and lube fares out of
rates was adjourned. This means
it is unlikely to progress
further. GLC warned, Page 3

Pro vos to stand

Provisional Sinn Fein, the Pro-
visional IRA political wing, is
In contest elections for the prn-
posed Northern -Ireland
. n assembly, expected to be held

-Rj in the autumn.

M

^ Murder charges

i Seven youths appeared in
. 4 private at Glasgow Sheriff Court
> - 1 accused of murdering schoolboy
: j fool ball fan .Alexander Linton
;r|on Wednesday.

^Syria retaliates

Syria ordered out two French
£ Sriiplomats. a military attache
|and second secretary, in retalia-
! 2tion to France's expulsion of
-^Syrian diplomats following a
-bomb blast in Paris.

' |ei Salvador head

jut Salvadors right-wing
political parties voted in the
(leader of the ultra-rightist
iliiancc. Roberto D’Aubuisson.
o head the new Constituent
Assembly.

Briefly . . .

*il! Stubbs is to succeed Peter
Vpwjani as Chier Education
>tficer for ihe Inner London
•Iducatinn Authority.

■’exas banker Joe Allbrilton has
<rnken off talks lo buy the New
-■’ork Daily News.

lolwl Prise awards have gone
p to £1 10,200 to cover inflation.

Equities
off 1.9;
gold

up $8.25

• EQUITIES: tbe FT 30 -sharp
index closed L9 down at 567.L
Page 24

• GILTS: the Government
Securities Index closed 0.06 off
at 67.61, but was 1.11 up on tbe
week. Page 24

P WALL STREET was 3.71 np
at 8503 near the close. Page 20

P STERLING- fell 50 points on
the day to close in London at
81.7715. ft dropped to DM <L23
(DM 4.2625). SwFr 3.485

(SwFr 3.5) : , FFr 11.04ff

(FFr 1L09) and Y427.5

(Y43L5). Its trade-weighted
index slid to 89.8 (90.2). Page
23

• DOLLAR slipped to DM 2.387

(DM 2.3975) and Y241.3

(Y242.8), but rose to SwFr 1.969
(SwFr 1.9685). Its trade-
weighted index fell to 114.9
(115.4). Page 23

0 GOLD rose 58.25 in London
to 8352.5. Page 21

• MARKHEATH SECURITIES,
a North London property com-
pany. is likely to be the first
member of the Unlisted Securi-
ties Market to obtain a full
quotation on the London Stock
Exchange. Back Page

• SOlTIt AFRICAN Govern-
ment is to force the mining
industry to end exclusive con-
tracts for purchase of explosives
from AECI. jointly owned by
ICI and Anglo American Indus-
trial Corporation. Back Page

• WORKERS at Redpath Dor-
man Long, the British Steed
Corporation's Jieavy engineering
subsidiary, will hold a one-day
strike on Monday to protest
against the sale. of the company
to the Trafalgar House Group.
Page 4

• CIVIL SERVANTS were
awarfded pay increases of 4.75-
6.25 per cent bv an arbitration
tribunal, subject to govern-
ment approval. Back Page

• LEADERS of BL Cars 11
manual unions signed a bargain-
ing agreement with the com-
pany. Page 4

COMPANIES

• PRUDENTIAL ASSURANCE

wants to sell Central Cross, the
office and shops complex In
London’s Tottenham Court
Road, for about £45m. Back
Page .

• PENTOS. the industrial hold-
ing company, has sold its
ereen house and garden equip-
ment businesses for £3.4m in a
management buy-out Page 18

• RICHARDSON . WEST-

GARTn. the engineering and
stockholding group, retried a
pre-tax loss of £833,000 for last
year compared with a profit of.
£746.000. Page IS

,!HIEF PRICE CHANGES YESTERDAY

’ y Prices in pence unless olhenw'sc indicated)

.,! RISES

’^sjrit 8r Common. ...

nlrrlonia Invs

' uvnnds

■iwlicr Siddclcy ...

•nlns

csspy

umiHsnn Film ...

ithchv P. B

ylo

Hmry Group

flew Co pci

ir.-tmar

:m ...

412

+

10

352

+

15

290

+

6

324

+

S

14

+

«r

377

+

i

160

-f

25

350

+

30

131

+

IS

402

4*

7

320

4-

8

153

+

7

104

+

10

41fi

+

14

433

+

16

23

+

3

Oakbrirtge
Peko-Wallsend

Poseidon

Swan Resources ...

Vrntcrspost

Western Mining !..

FALLS

Rewater

General Accident ...
Great Portland Est.

Land Securities

Lyle Shipping

(Wen Thven

Royal insurance ...

Solicitor.? Law

Tale & Lyle

NCC Energy

80

292

112

45

3S6

240

+' 10
+ 22
+ S
+ 10
+ 33
+ 11

225 — 9
292 -6
170 - 6
2S1 - 7
332-13
160 - 10
323 -7
28 — 2
202 -6
55-8

Britons warned to
leave Argentina

BY REGINALD DALE IN WASHINGTON AND MARGARET VAN HATTEM IN LONDON

THE GOVERNMENT issued a
strong warning yesterday to
British nationals to . leave
Argentina, fuelling speculation
that the British task force may
be called into action at any
moment.

In Washington, Mr Francis
Pym, the Foreign Secretary- and
Mr Alexander- Haig. the U.S.
Secretary of State, ' appeared to
be making little headway in
their renewed efforts to devise
a formula for a peaceful
solution to the crisis.

In London, the Foreign Office
said it would send a warning
to British nationals living in
Argentina, (o be broadcast three
times a night for the next three
nights on the BBC World
Service, advising Ihern to leave
the country by normal
commercial transport

The message say* the task
force is approaching the Falk-
lands area and predicts a period
of “increasing tension and
risks " for afi British citizens
in Argentina.

Mr Pym said after a series
of meetings with Mr Haig that
serious difficulties remained and
the only sign of progress was
that a deep exploration of
possible solutions had taken
place.

He was to continue his talks
with Mr Haig later .in the day
and return to London last night
after two days in Washington.

Mr Pym said he thought
international pressure on
Argentina was '* having its
effect ” but it was Hardly
surprising that it was difficult
to reconcile the British and
Argentine positions in view nf

STERLING UP AGAINST DOLLAR

Sterling rose slightly yes-
terday against a generally
weaker dollar, hut lost
ground to major Continental
currencies. Tbe markets were
generally lack-lustre and
nervous about the Falklands
crisis.

Ihe pound finished in
London 1.05 cents higher at
51.7715. but fell to 89.8 from

90J2 on the basis of ils trade
weighted index.

Interest rales on the
London money market were
little changed compared with
Thursday, hit were lower
than last week. Reflecting this
the average discount rate at
Ihc weekly Treasury hill
tender fell to 12.89 per cent
from 13.20 per cent

Argentina's insistence that its
aggression must be rewarded.

He reaffirmed his deter-
mination to seek a peaceful
solution “ if humanly possible ”
hut said Britain would not
shrink from the use of force if
accessary. Mr Pym said he
would welcome new. ways of
putting pressure on Buenos
Aires “if I can think of any.”

Mr Pym said it was up to
Mr Haig to decide whether to
continue his shuttle mission
with another visit lo Buenos
Aires. While there was still life
in Mr Haig's mission he
entirely favoured continuing it
Mr Pym said.

However. Mr Pym declined to
set any deadline far a diplo-
matic solution and said the aim
nr the Washington talks was not
to agree on joint Anglo-
American proposals to put to
Buenos Aires. British officials
said Mr Haig was trying to steer
a middle course between the
British and Argentine proposals
on the table.

Mr Pym said increased pres-
sure on Argentina would help,
but this could not be applied
while Washington was at the
centre of negotiations.

Continued on Back Page
Falkland crisis, Page 2

Fleet prepares for confrontation

BY BRIDGET BLOOM, DEFENCE CORRESPONDENT

BRITAIN'S NAVAL task foree
yesterday went on defence
stations — a state of readiness
second only to action stations —
as it headed into the South
Atlantic and possible confronta-
tion with Argentina’s - armed
forces. ,

There were persistent reports
that the fleet was in combat
range of the Falkland Islands,
and that part of tbe force had
been ordered lo recapture the
islands of South Georgia, 800
miles from the Falklands.

However, the Ministry of
Defence in London would only
say, at its regular -midday, brief-
ing of defence correspondents
yesterday, that “the task fnrcc
has not landed anywhere.” The
statement was repeated during
the day.

The Ministry has consistently
refused to comment nn the
position of tbe task force, or
on its tactics, and it did so
again yesterday. It noted that
tbe position of Argentina's fleet

was the same as it had been
earlier in the week— mostly at
sea but near the Argentine coast
and outside ihc British 200-mile
maritime exclusion zone pro-
claimed round tbe Falklanfls
nearly two weeks ago.

The position of the task force,
led by the aircraft carriers
HMS Hermes and Invincible,
was last night variously esti-
mated at between 500 and 1,500
miles off the Falklands.

Suggestions that it might be
in range of Argentine fighter
aircraft were given weight
when the Defence Ministry
confirmed that all the ships in
the force were on defence
stations.

The full complement of the
force as announced by the
Defence Ministry 4s 16 worships,
12 Royal Fleet auxiliary support
ships and -35 requisitioned or
chartered commercial vessels.

However, these are not all in
the South Atlantic yet. The
container ship Atlantic Con-
veyor. for example. Jeft ihe UK

• ‘ ; ' J I , -

only yesterday and will not load
its additional Harrier fighters
and Chinook helicopters until
it is further south.

Intense speculation that the
task force might have been
ordered to recapture South
Georgia as its first task was
fuelled toy reports yesterday
that naval commanders with the
task force arc worried about
their lack of air cover.

Some naval officers are said
lo -have told Mrs Thatcher, the
Prime MinisJer, indirectly that
it would be difficult to establish
an effective air blockade of the
Falklands with the 20 or so Sea
Harriers on the carriers.

Argentina has fewer carrier-
based aircraft than the task
force, but it has more than 60
shore-based fighters, including
20 supersonic Mirage His.

The Defence Ministry said
yesterday that it did not know
of any such representations
being made formally or
informally to the Prime
Minister or to Mr John Nott,
the Defence Secretary.

20,4

15i :

10^

Welcome news for Reagan and Thatcher

Single-figure inflation
expected by summer

INFLATION RATES

cumj nrr rq.n.s qacvahsi

AUK

si "A France"

as’

-J

" W. Germany

( 1

WBbcxgl Iminhrt

r*-

uaf mv

1979 1980 1981 19B2-

FaU in U.S.
consumer
price index

By Reginald Dale in Washington

THE CONTINUING sharp
decline in the U.S. inflation
rate was dramatically high-
lighted yesterday by a drop of
0.3 per cent in the consumer
price index for March. It is
the first time the index has
fallen in 17 years, and the
largest decline since a fall of
0.4 per cent in 1953. The
overall index was 6.8 per cent
higher than in March last year.

The Labour Department said
that. In the first three months
of the year, consumer prices
had been increasing at a com-
pound annual rate of 1 per cent.
If the March figure were
repeated over a year, prices
would drop by 3.3 per cent, the
department said.

These low figures are not
expected to be maintained when
the predicted recovery begins
in the second half of the year,
i Earlier this week. Mr Malcolm
Baldrige, the Commerce Secre-
tary, forecast an increase in the
index over (he year of around
6 per cent, against 8.9 per cent
in 1981.

Three major components of
the index — transport, housing
and food and beverages —
declined in March and petrol
prices were down by 4 per cent.

The drop was welcomed as
good news by the White House
—although the much quicker
than expected decline in-
flation has thrown out the
Administration's original 1983
budget calculations. Lower
than expected tax receipts on
incomes and profits are reduc-
ing revenues estimates and
boosting the likely deficit
Con tinned on Back Page

BY DAVID MARSH

THE ANNUAL rate of retail
price inflation fell last raofcth
to 10.4 per cent, the lowest
since the Government came to
office three years ago.

With price rises still slowing
as a result of cheaper oil, and
the firm pound and only
moderate indirect tax increases
in last month's Budget, inflation
looks almost certain to be in
single figures within two
months.

The latest interest rale —
around the average of indus-
trialised countries— is less than
half the 21.9 per cent peak in
May 1980.

The Department of Employ-
ment announced yesterday a
0.9 per cent rise in the retail
price index last month to 313.4
(January 1974 = 100). The
index was unchanged in
February, when the year-on-
year increase was 11 per cent.

Underlining the abatement
of inflationary pressures over
the past few months, prices of
all items except seasonal foods
— which give the best indica-
tion of the underlying rate —
have risen during the past six
months at an annual rate of
only 7.2 per cent.

The lack of large-scale price
increases in the pipeline,
together with this month's drop
in mortgage rates, should bring
a dip in the inflation rate to
below 10 per cent in April or
May.

The last time inflation was in
single figures was during the
last months of the Labour
Government. Announcing yes-
terday that * singlerfigure infla-
tion is within our grasp,” Mr
Norman Tebbit, the Employ-
ment Secretary, said: “ Still
more important than the actual
figure, this has been managed
without artificial controls on
prices and wages.” He told a
pension fund conference in
Bournemouth: “ The indications
suggest that inflation will con-
tinue to moderate, giving us the
best prospects for prices for
nearly a decade.”

The Treasury in its Budget
forecast is predicting an infla-
tion rate of 9 per cent by tbe
end of tbe year. Although a
drop to the 9 to 10 per cent
range may take place fairly
smoothly by the early summer,
the Government will face diffi-

culty In achieving further
progress. This will depend

crucially on wage settlements
remaining moderate in spite of
the economic upturn, and on
sterling staying reasonably firm
on the foreign exchanges.

A key factor behind the infla-
tion slowdown has been the
Treasury's derision to make
relatively modest indirect tax
increases in last month's

Budget. These will add a total
0.8 per cent to the retail price
index, against the 2 per cent
rise in last year's Budget.

About half the Burtaet

increases on drink, petrol,

tobacco • and vehicle licences
came through in the index for
last month. The rest will
appear in the April index to be
published in a month.

The March index was also
boosted by price rises for fruit
and vegetables and newspapers.

Apart from the remainder of
the Budget increases, rises in
rates will boost the April index
by 0.75 per cent, while higher
local authority rents and the
increase in London Transport
fares will add 0.6 and 0J3 per
cent respectively.

Small increases for gas, elec-
tricity. petrol and seasonal
food are also in the pipeline.
But these will be more than
offset by the effect of ibis
month's cut in mortgage rates.

The Increase in prices in
April last year of 2.9 per cent
will drop out of the year-on-year
calculation next month, ensur-
ing another fall in the annual
rate to around 10 per cent

The Central Statistical Office
yesterday announced the latest
rise in the tax and price index,
designed to show the effects
of tax changes as well as prices
on the cost of living. This
showed a rise of 13.7 per cent
over the 12 months to March,
compared with the annual rate
in February of 144 per cent.

Lex, Back Page

£ In New York

— | April 22

| Previous

1 1

Spot R1.7755-777D
1 month 1 0-23-0.28 pm
3 months; 0.69-0.72 pm
12 months 1 S.jDO-2.00 pm

Sl.7789-7800
0.20-0.25 pm
0.6 1-O.G9 pm
1.88-2.03 pm

Clash over Lonrho’s Israel plan

BY JOHN MOORE, CITY CORRESPONDENT

LONRHO, tbe controversial
trading conglomerate headed
by Mr Roland “ Tiny " Rowland,
is' set for a major battle with
ils large Arab shareholder.
Gulf Fisheries. over Mr
Rowland's business plans in
Israel.

The row was sparked off by
Mr Rowland's visit to Israel this
week to discuss with tbe Israeli
Government possible ventures
in electronics, aviation and oil
exploration.

Gulf Fisheries, a substantial
Kuwaiti investment company
controlled by Sheikh Nasser al
Sabah al Ahmed, a member of
the Kuwaiti ruling family, is
already eirabsltied with Lonrhn
on another front. Gulf, which
holds 15 per cent of Lonrho's
shares, is opposed to Lonrhn
increasing its borrowing limits
under its articles of association
lo £1.5bn. '■

In London yesterday, repre-
sentatives of the Kuwaitis
regarded the move by Lourho
to consider .investing in Israel
as a deliberate attempt to force
Gulf lo sell its shares. Mr Tom
Ferguson, the London repre-

sentative of Gulf Fisheries, said
talks with Israel "are beyond
the bounds of coincidence. I
think it is an attempt lo cause
us to cease being a shareholder
in Lonrho." _

The Kuwaitis are considering
legal advice “lo sec whether
there is a case which we can
bring against Lonrho directors
jointly or severally under the
companies legislation since they
seem to be taking steps lo gel
Lonrho on the Arab boycott list
through trading with Israel.”

Lonrho responded in a
relaxed way. Mr Paul Spicer,
a Lonrho director, contemp-
tuously dismissed the Kuwaiti
view.

In Israel yesterday, govern-
ment representatives were say-
ing there was a good chance
that deals would go through
with Lonrho. It is understood
ihat the Israeli energy minister
was in London recently to
mobilise private funds for
energy projecLs in Israel.

As the row simmered yester-
day between Gulf and Lonrho.
Gulf Fisheries look legal action
against Lonrho to obtain the

grnup's register of share-
holders. It wants the names and
addresses of Lonrho share-
holders to send them a circular
detailing its opposition lo
Lnnrho's plans for increasing its
borrowing limits.

A High Court judge, Mr
Justice DIHon, yesterday
granted an cx-partc injunction
to Gulf Fisheries giving Lonrho
until midnight to deliver the
register to them.

Counsel for Gulf said that
Gulf had demanded a poll, due
to take place next Friday, of
all shareholders on Lonrbcfe
plans to increase its borrowing
limits. The request for the
register had been made to
Lonrho on April IS and Lonrho
had had 10 days to comply. The
.10 days was due id end yester-
day evening but no copy had
been received, he said.

He argued there was a strong
suspicion that, rather than
make a hand delivery yesterday,
Lonrho had delayed as long as
possible and intended to post
the copy, so that it would not he
received until Monday at tlje
earliest

CONTENTS

Appointments

Arts

Books Pago

Bridge

Chess

Collecting

Commodities

Company News ...

Crossword

Economic Diary ...
Entertain. Guide .

Euro Options

Finance & Family
FT Actusrlec . . ..
Foreign Exchanges

19

14
12
11
11

15
21
18

. 14
17
14
19
6-
24
23

Gardening ....
Gold Mark sis .
How To Spend It
Inti. Co. News ...

Leader

Letters

Lux

London Options . .
Man in tho News

Mining

Money Markets ...

Motoring

Overseas News ...

Property

Racing

Share Information

11 Sport 7

21 SE Week's Deals 19

13 Suck Markets:

2l London 24

1C Wall Street 20

16 Bourses 20

28 Travel 8

24 TV & Radio 14

28 UK News:

5 General 3,4

23 Labour 4

8 Unit Trusts:

2.3 Authorised 23

10 Others 2S

14 Weather 23

26,27 Your Savmge/lnv. 7

Week in the Mkts.
Base Lending Ratos
Building Sue, Rales
Local A uthy. Bonds
Invest. Tat. Table

5

19

17

19

7

ANNUAL STATEMENTS

Ultramar 19

Mercantile Invest. 19

OFFERS FOR
Arbirthnot Sec. ...
TSB Unit Truets .
Murray Johnstons
Tyndall

SALE

For latest Share Index phone 01-246 8026

Arbuthnot Dollar Income
Trust Limited

An Investment Portfolio of Dollar Securities in a Jersey Based
Company, Quoted on The London Stock Exchange.

DIRECTORS ANNOLINCEMHNT 15th APRIL1982.

believe that with the present high
Interest-Rates in the U.S.A., investments made
now in this Fu nd will benefit from the rates of
over X$15 0%\ * available. There will also be
goodprospects of capital growth when US.
Interest Rates fall, as peart of the portfolio is
invested in US. Dollar Bondlssties and die
capitcdvcdue of these should appreciate when
this occurs.^ *

Estimated markrt average yield available lo this fund on 15/4/82.

AM OFTHE TRUST. To achieve an attractively high return whilst protecting capital
values Jn a company which offers investors the prospects to benefit from current high
levels of American interest rates and also affords sterling investors a good opportunity of
including Dollar securities in their portfolios.

PORTFOLIO PROFILE. Investment in a range of fixed interest and flo atin g rate Dollar
securities, primarily U.S. Dollar and Eurodollar MoneyMaiket instruments and
Government Agency Securities.

Income Shareholders will receive gross dividends quarterly in US. DollarSj free of any withholdingtax
i except to Jersey residents i.

Capital SharehoMers(whomaynotbe residents of ffieUKorJersey)receweascrip issue of equal value
with each distribution.

The Company Offers a Currency Con verelon Service.

Custodians, Secretaries and Registrars; Standard Chartered Trust Common vft*LY.) T.fmftwT.

Managers: AiWhnot Securities (CJ.) Ltd, P.O. Box 428, Commercial Street, St. Heliea; Jersey.

PLEASE SEND THIS COUPON DIRECT OR THROUGH YOUR PROFESSIONAL ADVISER TO:

ARB UTHN OT DOLLAR INCOA1ETRUST LIMITED™ "" ~

lb: ARBUTHNOT SECURITIES UU, 57 QUEEN SI, LONDON EC4R iBY Tel: oi-ztf 5281 (Esdn.301)
PI ease send me a copy of the company’s prospectus (on the terms of which alone
application for shares will be considered).

Name _ _

Address.

. ^ ARBUTHNOT .

* MXX im fll r %' Juburlmntgnruritfi-e 1 *>17/(77 fit StCtfrithf) — —

Financial Times Saturday April 24 -^:

OVERSEAS NEWS

Honda agrees to
give UAW

BY DAVID LASCELUS IN NEW YORK

HONDA, which is due to open
the first Japanese car plant in
the TJ.S-, has agreed to allow
its blue collar employees to be
organised by the United Auto-
workers Union. This marks a
reversal of its earlier opposi-
tion and its acceptance of the
power wielded by the union.

Officially, Honda has restated
its neutrality on the union
. issue, but the UAW said yester-
day that they viewed this as a
shift in the company's policy,
which was designed to discour-
age unionisation and make life
difficult for the UAW by, among
other thing s, banning union
emblems. In return the UAW
' has agreed to drop unfair labour
practice charges which it had
levelled against the company.

Honda is building a S2Qm
motor assembly plant in Ohio
which is due for completion at
the end of this year. The plant
will employ over 2,000 people
and turn out about 150,000 cars
a year.

.Honda had opposed unionisa-
tion because it would force the
company to adopt U.S. wage
scales, which are over 50 per

cent higher than those in Japan.
However, the union recently
agreed to hold down wage in-
creases at other major U.S. car
makers, to bring production
costs closer to the Japanese
and this may have provided
some reassurance to Honda.

The UAW had also taken a
tough stand against Honda com-
panies and threatened to call
for a boycott of its products
unless it was admitted to the
plant. Volkswagen, the only
other major foreign car pro-
ducer in the U.S.. has accepted
unionisation at its plant in
Pennsylvania.

The focus now shifts to
Nissan, which is building a car
plant in Tennessee. The Honda
settlement makes it all the more
likely that the UAW will be
admitted as bargaining agents
there as well

AP-DJ adds from Chicago: As
the UAW concluded three
weeks of talks on a new con-
tract with. International Har-
vester, a new agreement seemed
likely soon, a union negotiator
said.

Harvester seeks new talks.
Page 21

two top U.S. groups

BY PAUL BETTS IN NEW YORK

BOEING, the leading U.S. air-
craft manufacturer, and Procter
and Gamble, the giant of the
household products industry,
are both being investigated by
staff members of the Federal
Trade Commission (FTC) for
alleged breaches of U-S. anti-
trust laws.

The disclosure of the two in-
vestigations, which were started
more than a year ago, appears
to be largely a political man-
oeuvre to put pressure on the
commission to. reverse its recent
decision to trim down the num-
ber of its regional offices.

The separate antitrust in-
vestigations against Boeing and
Procter and Gamble are being
conducted by FTC staff in the
Seattle and Boston regional
offices. .These are among four
out of 10 regional bureaux that

the commission plans to clpse
as part of the Reagan Adminis-
tration’s programme for scaling
down the size of Government
agencies.

The Boeing investigation
centres on allegations that the
aerospace company imposed
certain anti-competitive re-
straints on its customers and
suppliers in the manufacture
and sale of aircraft spare parts.

The FTC staff investigators in
Seattle have so . far made no
recommendation that the Com-
mission issue a complaint ;
against Boeing.

The Proctor and Gamble
investigation is being conducted !
by the FTC’s Boston office. It
involves allegations that the
company was in collusion with !
conventional retailers against
discount drug stores

YOUR

ACCOUNTANT
WILL LOVE

Contract Hireyourvehicles. Fixed rental
payments over2years or more vwthaliservidng
and maintenance included.

Hus these special features:

*Unlimited mileage-no access mlleagecharges
whatsoever.

* Unlimited use of rapfacementvehicleibr
mechanical breakdown.

* Up to six weeks use of vehiclefor accident
replacement

*Guaranteed nationwide replacement and
maintenance services.

This month’s Special Offer

Ford Escort 1300L3doorsaloon- 2yearcontract
£175.00 per month + VAT.

COMPANYCARS
WITHOUT HEADACHES

Overseas Cars limited
Gap Road, Wimbledon, London SW198JA
Tel: 01-947 2171 orOI-9473344
Northern Office:

Houflh Lane, Wombwell, Barnsley, Yorks. SL3 DLR
Tel: 0226-756562 or 0226-756612

Tough security ordered after Paris blast

BY TERRY DOOSWORTH IN PARK

bargaining rights

THE French Government is to
' tighten frontier controls and
! put political exiles under closer
! surveillance as pact of an
emergency plan to stamp cut
the growing threat of terrorism.

Announcing these measures
yesterday. M Gaston Defferre,
Interior Minister and acting
Prime Minister in the absence
of M Pierre Mauroy in Canada,
said the new methods to be
employed by the security forces
would be ” tough, calm and
determined."

M Defferre’s statement was
made after what he described
as a small “ council of war ” had
been assembled by President
Francois Mitterrand to examine

Thursday’s bomb blast in
central Paris. The explosion
killed a woman pedestrian and
seriously injured another 13,
and about 60 people were
injured.

The bombing, at 9 am, not
far from a school off the
Champs-Elysees, -has trauma-
tised France. The media have
given the incident blanket
coverage, relating it to a series
of -other bombings over the past
few months.

The Government’s new anti-
terrorist measures mark a stif-
fening in its attitude following
a wave of under-cover bomb-
ings, and is partly designed to
ward off criticism. Some of the
right-wing opposition have nsed

Thursday's bombing as an oppor-
tunity to attack the Govern-
ment’s law and order policy,
and there has been dissension
between hawks and doves in the
cabinet on the issue.

31 Defferre. who has emerged
as a strong supporter of tough
policing, including random
identity checks, stressed yester-
day that everything possible
would be done' to prevent the
“ spilling of blood " in France.
He added that he did not regret
the decision to expel two Syrian
diplomats within hour? of the
bomb going off.

A Foreign Ministry statement
has sinee emphasised that the
Syrians were not necessarily
implicated in the bombing, it

has. however, become dear that
the police anti-terrorist squad
had been keeping a close watch
on the two diplomats. Tbe
authorities were apparently
aware that a Syrian commando
unit had recently arrived in
the country.

Syrian involvement in the
bombing is suspected because
of a series of conflicts that have
emerged between the two coun-
tries. These include President
Mitterrand’s visit to Israel. last
year’s murder of the French
Ambassador to the Lebanon, for
which the Syrian secret service
has been blamed in some
reports, and the screening on
French television this week of
a report on the Beirut killing.

The bomb exploded in front
of the offices of the pro-Iraqi
newspaper Al-Watan Al-Arabi,
which is noted for its hostility
to the present Syrian regime.

Police inquiries are compli-
cated. however, by the fact that
Carlos, the international terror-
ist who once held oil ministers
to ransom, has been threaten-
ing action in France-

Following the capture of two
of his close associates by the
police here in February, he has
threatened to assassinate
M Defferre, and is still demand-
ing their release. He is also
one of the suspects for the ex-
plosion on the Paris-Toulouse
train last month in which five
passengers died.

Survival
for Schmidt J™

-but no

victory

By Jonathan Carr oi

Romania I ,SRAEL withdraws from sinai

wins Evir a ‘ depressing and degrading end ’

approval

BY DAVID LB*lON IN TEL AVIV

fi jr Anatole Kaletsky
in Washington

Anti-trust probes into

ROMANIA lias successfully
completed negotiations with
the International Monetary
Fund on re-opening an SDR
l.lbn standby credit faculty
which Romania has been pre-
vented from using since
November last year.

The IMF staff are recom-
mending that Romania he
allowed to draw one third, or
SDR 330m of the facility
during the current year and
their recommendation is
lOtely to be aproved by the
executive board before the
summer.

The standby arrangement
was originaly negotiated in
June last year, but drawings
were abruptly stopped in
November because of
Romania’s failure to meet
the performance criteria set
by the IMF.

Only SDR 140m of the
credit had been drawn by
then and it has not yet been
decided how much of the
undrawn part of the first
year’s facility will now be
released. Past practice is that
undrawn amounts of standby
facilities are released either
in one instalment or in
equal tranches over the
remaining years of the stand-
by arrangement

The problem which led to
Romania's facility being
interrupted was the accumu-
lation of arrears on the
country’s external debts.
Since November, IMF
officials have been In con-
stant touch with Bucharest
and have now concluded that
there has been substantial
progress in three key areas
of Romania’s economic per-
formance.

Romania's current account
deficit with countries outside
the Comecon area in 1981
was approximately 5800m,
much lower than the target
set by the IMF.

ISRAEL WILL complete its
withdrawal from Sinai tomorrow-
in a sombre mood. This con-
trasts sharply with the exulta-
tion felt three years ago
following the signing of the
country’s first peace treaty with
an Arab state.

The fact that no other Arab
countr y followed the path of
the late President Anwar Sadat
and that he was assassinated
for having betrayed the Arab
cause, has dimm ed Israeli hopes,
kindled by the former Egyptian
leader, that it could finally find
peace wyth all its neighbours
after three decades of war.

The - apprehension of Israelis
over the depth of the commit-
ment of Egypt under President
Hosni Mubarak to the peace
process initiated bv his pre-
decessor was dramatically
demonstrated by the extra-
ordinary violence and destruc-
tion in north eastern Sinai
during the past week.

Israeli soldiers and civilians
, clashed repeatedly as the army
evicted opponents of the peace
treaty from bouse after bouse
in the Jewish settlements in
Sinai. Giant bulldozers moved
in their wake knocking down
the homes constructed in the
sand.

This is the third and final
stage of the Israeli return of
Sinai to Egypt Previous with-
drawals were marked by joint
! handover ceremonies at which
both sides celebrated.

But this Sundav there will
■be no pomp or circumstance on
the Israeli side, no fluttering
flags, honour guards or cheer-
ing crowds. Apart from a
modest, early nrorninz flag
lowering ceremony at Optora.

| beside Sbarm el Sheikh at the
southern tip of the peninsula.
Israel has no plans to celebrate
i the conclusion of the third stage
of the peace agreement

As though avoiding some
i shameful act the Israeli army
will <>e quietly withdrawn from
Sinai by noon, leaving the

:

' y-.i - •.•.*>!

Tripartite talks in Cairo
end without agreement

NEGOTIATIONS between
Israel Egypt and the U.SL on
unresolved problems concern-
ing Israel’s final withdrawal
from Sinai broke up la Cairo
without agreement yesterday,
writes Charles Richards in
Cairo.

Mr Walter Stoessel (the
U.5. Deputy Secretary of
State* said after six hours of
talks that they hoped to have
an agreement finalised by
noon on Sunday, This is just
an hour and a half before the
Egyptian flag is due to be
hoisted on the eastern third
of Sinai for the first time
since Israel captured the
peninsula in the 1967 war.

The discussions did not
focus on the border demarca-

tion dispute at Taba, south of
Eilat, hot on the procedural
steps to resolve it.

Egyptian officials have said
publldy that the border dis-
pute is merely a technical
matter. Privately many of
them attach far greater sig-
nificance to it They say
that the failure of Israel to
withdraw from what they
claim is Egyptian territory
would set a dangerous prece-
dent

• Troops use rescue ladder
to remove Jewish settlers
from a war memorial hi
Yamit

Not only would it be em-
barrassing In the Arab
world for them to surrender
territory to Israel, it would
also be taken as an interpre-
tation of United Nations
resolution 242. This calls for
the withdrawal of Israeli
forces from territories
occupied during the 1967 war,
but argument has raged over
whether this should mean an
territory.

Egyptians alone to celebrate
the return of their lands lost
in the 1967 war.

The only step planned by the
Government lo mark the
occasion will be a televised
address to the nation tomorrow
evening by Mr Menahem Begin,
the Prime Minister. He is
expected to appeal for an end
to the national discord which
marked the last days of Israeli
rule in Sinai and to call for
unity in the face of pressures
the country can now expect to
face over the Palestinian issue.

Israel yesterday completed its
“ scorched earth " operations in
the Yamit urban settlement,
after it evicted the last few
dozen opponents of the peace
process perched atop a war

memorial and locked inside an
underground bunker.

Bulldozers and cranes con-
tinued to knock down the houses
in the town during the morning.
In the afternoon 70 explosions
rocked the area as army sappers
blew up the underground bomb
shelters and other buildings
which the bulldozers had no
time to destroy.

As the Jewish Sabbath was
ushered in on Friday evening
the drifting sands of the Sinai
were already moving in to cover
up the ruins of Yamit and more
than a dozen smaller agricul-
tural settlements

Criticism of this act of de-
struction has begun to grow
within the country. The week-
end editions of the local papers

carried articles and cartoons
Questioning what sort of peace
it is which requires whole vil-
lages and towns to he wiped off
the face of the earth.

Mr Amos Ellon, a noted
Israeli author and journalist,
writing in. yesterday’s Haaretz
described it as a ritualistic
“auto da fe” which contradicted
and harmed the spirit of the
peace agreement

“ You destroy a house or up-
root a tree so that it will not
fall into the hands of an enemy.
But here we destroyed an oasis
in the desert so that it won’t fall
into the hands of some one we
want to be a friend,” Mr Eilon
wrote. “ It is difficult to imagine
such an awful, depressing and
degrading end."

West German ChanpglW'-l^
an uphill straggle to
strained coalition wnrnaS
together, despite wfcainglE
key battles at the congreS
his Social Democrat Vsru
(SPD) which ; ende*
yesterday.

Major disaster* "fur : v stT
Schmidt were avoided' in* vS
on Nato straiegy and dottbau.
nuclear power, But a confrW ;
tali for higher -taxation .pHtUails
further problems , with - 1

liberal Free Democrat i'jJS ■
coalition partners in Stain, '

In its most 'tens^lyawaitrti
decision, the :SPD J Voted on
Thursday night - again#.- ‘
wing motions rejecting TTato's
** arm and negotiate-”- policy i
on intermediate-range nuclear ■
missiles. Herr Schmidt had ‘
made clear he would reaU^i 1
these motions-hadbeen adopted. 1

But the nsiriutiMi . ta&aity '
adopted leaves * at leasta
question mark over future spq
readiness to accept - . ife*
missiles on West German - iy
if superpower negotiations
break down.

Similarly, . the , -congress
rejected a motion ^fernanding
that all new nuclear pom
station construction hakM
for two years. But the vote was
dose, and the motion approved
makes it dear that thq SPD
wants to see atomic power pis’
at most- a residual, role in the
country's energy plan; -

In terms of domestic poHtij j
repercussions, probably- the , ;
gravest action of Ihe.ccmgjvss ;
-was its call both for an increase 1
in various taxes and not to ram-
through some-tax cutsWhkh the
government has already half- i
promised. Tattle If any oF this ■
will be carried out. The EDP
does not share the SPDfc view
■that higher taxes wtil boost !
revenue and investment and so
create jobs. -The Hberate .will i
therefore fimly oppose the pre- ;
posed measures.

However, by taking this stand 1
the SPD runs a grave risk of '
being seen as ” the tax increase I
party ” at : a time when if&popu- 1 ;
larity is, in any case, very
tow. Opinion polls rgfra the I ■
party little .more than 30 per - !
cent of the popular rote— and
there are two major provincial i
elections coining up in She next j
five months.

During the congress the SPD ;
leadership -constantly appealed ,
for solidarity and an end to \
Internal -wrangling. By and “
lasge the delegates complied, hut
it will be hard for the parly !
to stay united when constant • ]
compromise -will be needed -tilth j j
the FDP — above all over- the I i
budget where a new savings !
effort seems needed.

Herr Schmidt's immediate • 1
task is to carry- through a i
cabinet reshuffle involving find- (
ing a replacement for Herr Hans '
Matthoefer, -the' . Finance
Minister, .who is stopping down , j
on heal&grouixls.

THE FALKLANDS CRISIS

Flight of
dollars to
Argentina

Nervousness shows as British warships draw near

BY ANDREW WHITLEY, IN BUEN05 AIRES

By David Lascelles In New York

ARGENTINA IS withdrawing
millions of dollars a day from
hanks In the U.S. and flJying
the banknotes to Buenos
Aires to meet a surge in
demand for hard currency
created by the Falkland
Islands crisis.

Bankers said in New York
yesterday that the withdrawals
began soon after the crisis
flared and that regular ship-
ments were now leaving Ken-
nedy airport The shipments
consisted mostly of large
denomination bills.

One banker estimated that
tile shipments were Tunning at
the rate of $90m to 5100m a
week, doable the normal flow
of currency to Argentina.

Bankers also noted that
demand for $100 bills had
been specially strong since
the invasion.

There are no restrictions on
the export of currency from
the U.&, and the Federal
Reserve has done nothing to
curb the flow. However, the
Fed has had to supply extra
notes to banks for shipping to
Argentina.

The funds are being with-
drawn from the acco u n t s that
Argentitne banks have in the
U.S. The accounts are both
at U.S. banks and the U.S.
operations of foreign banks,
including at least one British
bank which has been involved
in the shipments.

The freeze which the UK
imposed on Argentinian assets
does not extend to assets In
the foreign branches of XJK
banks. V • .

The outflow has hjfen mainly
through New tin. hut
hankers believe i!ufflB5n rae of
the money has ta^Heavtaig
through Miami. vhiaBk~
become an imunrlant

post in the U.S, -Lai in
can commerce

THE IMMINENT arrival of the
British naval task force in the
waters around the Falkland
Islands has raised the tempera-
ture considerably in the Argen-
tine capital, with fears that war
could break out at almost any
moment

Following U.S. intelligence re-
ports that the British fleet has
divided into two. with one group
of vessels beading straight for
the South Georgia archipelago,
yesterday’s Claim the mass cir-
culation daily, said that the war-
ships could be at the Georgias
by the evening.

Clarin quoted Argentine offi-
cials in Rio Galleos, the southern
port and military base, as say-
ing - that several destroyers and
frigates have broken away from
the main fleet The report was
based on information gained
during Wednesday’s reconnais-
sance flight over the British task

Pope John Paul told an
Argentine Government dele-
gation yesterday he hoped for
a solution to the Falklands
crisis hased on international
law and without the use of
force, Reuter reports from
the Vatican City.

The Pope was speaking to
representatives of the Argen-
tine and Chilean Govern-
ments called to hear pro-
posals on thelT territorial
dispute over three islands in
the Beagle Channel at the
southern tip of South
America.

force by an Argentine Air Force
Boeing 707.

According to estimates of the
speed of the remaining main
body of the fleet, the Hermes-
led group should arrive in the
region of the Falklands them-

selves by tomorrow evening.

Argentine air force squadrons
along the southern coastline axe
said to be on a state of full
alert and military officials say
that reconnaissance flights will
probably continue.

Argentine officials yesterday
reassured the public that no
military' action by Britain is
likely before Tuesday, after the
meeting in Washington of the
Organisation of American States
(OAS). The OAS is meeting at
Argentina’s request to consider
invoking the 1947 Treaty
requiring members to come to
each others defence in the event
of an external attack.

A leading commentator In
yesterday's La Prensa, the Con-
servative daily, warned that
“ the time has past for nego-
tiations. The moment has come
to take up arms to defend our-
selves and our rights.” He
added that: “At moments like

these it does not matter if the
country is defeated by superior
forces. What is important is
that the country assumes Its
responsibilities and fights to the
end.”

Despite the bellicose tenor
of this article, Buenos Aires
remains calm, with few signs
of the war preparations now
common place in the major
towns of Patagonia in the south.
Nerves are nevertheless begin-
n ing t o fray.

•THE National Union of
Journalists has written to
President Leopoldo Gattieri of
Argentina asking him to inter-
vene to secure the release of
three British journalists.

The three NUJ members —
Simon Winchester, of the
Sunday Times, and .Tony Prime

and Ian Mather, of the Observer,
have been held for more than
a week m the southern town of
Usbuaia on suspicion of spying.

In his letter, deputy gweral
secretary of the NUJ, Mr Jacob
Ecclestone, described the. tftr»
men as " journalists of great
experience ; and 'distinction
whose bbna-fides could wd
seriously be doubted.

Mr Ecclestone said it was " °f

the utmost importance that tiw
people of the "Argentine and
Britain should . know what «
happening " and " that ircTonpa-
tion about our two «mutnes
should be freely "exchanged.

The Brussels-based
tional Federation of Journal* 5 ®
has also 'written to General
Gajtieri on behalf of the" thKA
protesting at . their, detention

...and then came

Move to ease pressure on banks

Patou pour Homme"

BY JIMMY BURNS IN BUENOS AIRES

THE ARGENTINE central bank
yesterday announced a half
percentage point reduction in
the minimum reserve requir-
ment of banks.

The move is aimed at remov-
ing the pressures oil the
financial system provoked by
a dramatic withdrawal of
deposits by the public during
the Falklands crisis.

The announcement has
fuelled scepticism surrounding
the pledge made by Dr Roberto
Alemann, the Economy Minister,
earlier this week that his
economic programme remained
essentially intact in spite of the
conflict with Britain.

FINANCIAL WIRT.,, b ,„ h l
excapl Sund*V' holidays ]

FUbflcnDtrari mi*-. ov 3

Second Class 0011330 paid I
York. N.Y.. anrj ,, 1

centres.

The Ministry's money supply
target for the month of April
— originally expected to be
backed by an increase of 1.S
percentage points In the mini-
mum reserve requirement — is
now no longer realistic. This is
expected to undermine Sr
Alemann’s attempts to reduce
inflation this year from 131 per
cent to double figures.

Last week Sr Alemann was
forced to cede to pressure from

the banking community by
announcing an emergency
package of measures, including
a one percentage point reduc-
tion in the minimum reserve
requirement and a doubling of
rediscount margins.

But in spite of a brief lull,
widespread withdrawal of
deposits from the financial sys-
tem resumed on Tuesday. Panic
public reaction is being stimu-
lated by fears of impending war
with Britain and rumours that
the Government might soon
freeze assets.

The latest heavy withdrawal
appears to have been linked
with the announcement on
Wednesday of a decreed law-
restricting repatriation of
profits, dividends and similar
sen-ice payments.

However, the fate of the
country’s largest finance house.
Rio Parana, does not appear to
be linked to recent develop-
ments. Rio Parana waj declared
in liquidation on Thursday
after intervention by the central
bank last week.

Banking officials said that the
finance house had been in diffi-

culties for several months and
had been suspected of breaking
Central Bank credit rules. Rio
Parana's deposits will be guaran-
teed by the Central Bank accord-
ing to financial law.

Rio Parana had deposits of
1.125bn pesos (£54m) on
December 31 last year.

Meanwhile, police in Buenos
Aires appear to be launching a
crackdown on suspected viola-
tors of foreign exchange con-
trols imposed in the wake of
the Falklands invasion three
weeks ago.

Raids have been taking place
on foreign exchange houses and
on the local office of Merry U
Lynch, the major U.S. stock-
broking company, according to
Noticia* Argentina^ the inde-
pendent- news agency.

No confirmation was iramotf-
ately available from the Finance ,
Ministry, but according to the
agency the Ministry acknow-
ledged yesterday that Merryll
lunch’s offices had been raided
by police. Under present
exchange controls, dollar sales
are banned until further notice,
although purchases are allowed.

1 1 . \\ I’M O L

iirft"

(lll^

«ctj,

v

>'* )> -

.

t.'^ ’i -

V v -' .'••••

i;.. ......

financial Times Saturday April 34 19S2

OVERSEAS NEWS

UK NEWS

U.S. FOOD IMPORTS DEMAND

Japanese farmers demonstrate

BY RICHARD C. HANSON IN TOKYO

THOUSANDS OF Japanese
farmers marched peacefully by
the U.S. embassy in Tokyo yes-
terday in a mass demonstration
of . opposition to . American
demands for liberalisation of
farm imports.

Carrying' : banners and
placards, they waved and
chanted, some in English: “No
more oranges, no more beef."
Those two items have become
the focus of the Japan-U.S.
agricultural trade dispute.'

The farm lobby has launched
an all-out effort to persuade the
Government not to Include agri-
cultural goods In an import
liberalisation package expected
to be drawn up soon. The
cabinet will meet on Monday to

discuss the matter.

Yesterday’s march followed
the biggest anti-liberalisation
rally by fanners since 1977,
when farmers also, protested
against an increase in the im-
ports quotas on beef and
oranges. Beef prices are kept
high to support the farmers, who
are protected from imports by
quotas.

Japan's ' citrus industry pro-
duces a surplus of small tan-
gerines, known as znikans.
Farmers claim free orange im-
ports could force them out of
business.

The U.S. and Japan are on a
collision course over the issue
of farm imports. Washington,
which is challenging the . curbs

Japan maintains on 22 cate-
gories of agricultural Items at
the General Agreement* on
Tariffs and Trade (Gatt). is
demanding complete liberalisa-
tion' of beef and orange imports
by April 1983. Farmers are
adamantly opposed to any form
of liberalisation.

This week’s demonstrations
have been co-ordinated by tbe
Central Union of Agricultural
Co-operatives. (Zenchu), which
claims to hare gathered nearly
8,000 farmers from around the
country.

Behind the scenes, farmers
have been pressuring politicians
not to break ranks. Zenchu says
that about 250 ruling Liberal
•Democratic Party (LDP; Diet

members in the 511 seat lower
house support the farmers' posi-
tion.

The LDP, with its mostly
rural power base, depends on
fanner support to maintain its
majority control of the Govern-
ment.

Earlier in the week the
Agriculture Forestry and Fish-
eries Committee of the House
of Representatives unanimously
adopted a resolution opposing
liberalisation of imports.

The Government is attempting
to -put together a negotiating
package by early in May before
a May 10-11 meeting of the
Organisation for Economic Co-
operation and Development
(OECD) in Paris.

Hong Kong
club with a
touch of Le
Corbusier

Bjr Robert Cottrell hi Hong Kong

HONG KONG is hardly the
sort of place to encourage
undue modesty where
creature comforts are con-
cerned, so any new club
hoping to make a splash
with local businessmen
would have to offer some-
thing rather more glamorous
than a collection of battered
leather armchairs and jam
roly - poly on the luncheon
menu.

The Jockey Club may have its
racecourse, the Foreign
Correspondents' Club its
louche charm, but Alfred
Siu’s I Club has HK$30m
(£3m) of interior decor, a
HK$5 hj initial budget for
works of art, furniture by
Le Corbusier, film mogul Sir
Run Run Shaw as. a patron,
and Andy Warhol in person
to get the July opening party
underway.

If that doesn't have you queue-
ing up for membership, Mr
Siu has two more clubs on the
drawing board with a
U.S-$300,000 (£171,000); prize
on offer for architects to
design the next one.

Mr Siu, a Stanford - trained
civil engineer, is pitching the
I Club at the younger
businessman — he is himself
only 27 years old. Bis father,
Mr Siu Hon Stun,- is a
.prominent local businessman
who heads the family’s on
Lee SiU group of companies.
His mother, Mrs Kitty Siu
Hon Sum, is a socialite well-
known in Hong Kong for her
community service work.

Tbe I Club's name derives from
when Alfred Siu was toying
with words to sum up his
brainchild. He ran through
" international," “ image ”

and “idea" before boiling
them down to their initial
letter. A local newspaper
searching for a comparable
Chinese character to “I"
to describe the venture came
up with one meaning “ trades
union ’’ or. more closely,
“ workers’ club," but iis
members may rest assured
that the freak of linguistics
is purely accidental.

Trades unionists might, for one
thing, find it difficult to part
easily with tbe HK530.000
entrance fee — HK$50,000 for
corporate membership — plus
tbe HK$500 monthly sub-
scription. But with Ts 58,000
sq ft of prime central district
space in Bank of America
Tower, costing a probable
HK$1.6m a month rental,
there is little scope for
shoestring budgets.

Mr Sin's younger businessmen
will get for their money the
usual games room, library,
restaurant and lounge, plus
the nol-so-usual theatTe, art
collection, health spa and
nightclub. The blue-chip
Hong Kong Club has been
raided for us chef. Mr Rolf
Schneider, while a communal
hot-tub is available in the
health spa for post-prandial
discussion of business and
other topics. Minimalist
designer Joe d'Urso.is doing
the decor — though the
"minimalist" tag is not
thought to refer to his fee.

Taiwan
steel output
boost
planned

By Robert King in Taipei

Taiwan's State-owned China
Steel Corporation will in the
near future complete an ex-
pansion' project which will
give the firm capacity for an
additional L75m tonnes of
steel a year, according to the

Company's new rhninman t Mr

T. K. ijn. *

Mr Lin, who took over the
chairman's post late last year
from Mr William 7. T. Chao,
now Taiwan's Minister of
Economic Affairs, said the
expansion would -allow the
company to produce hot- and
cold-railed sheet and coil, in
addition to its present pro-
duction of ,1.5m tonnes of
plate, bar, wire, billets and
pig iron.

In .the past. My Liu said,
Taiwan has had to import all
of its requirements for hot-
mid cold-rolled sheet and coil.
Last year, those imports
totalled about Llm tonnes at
a cost of approximately
$4 50m. He estimated that-
demand for this steel in
Taiwan used in products rang-
ing from household, piping
and refrigerators- to small
ships and shipping containers,
will reach L2m tonnes next
year. *

d A.lthoagh- the new . plant
will hopefully be in operation
by the beginning of May, Mr
Liu said it will take about an-
otheryear for it to be running
at full capacity.

Several equipment manu-
facturers from West Germany,
Belgium, France, Japan and
the U.S. supplied China Steel
with about SSOOm worth- of
new plant equipment, he said.
The company also ran up an-
other $4 00m to 5500m in local
construction costs, bringing
total costs for the’ project
close to 51J3hn.

Mr Lin also said more than
50 per cent of its current L5m
tonne production is exported,
mostly to Japan. Singapore,
Thailand, Malaysia, and Saudi
Arabia. This contrasts sharply
with previous years, when as
much as 80 per cent of China
Steel’s output was sold on
the Taiwan market

A sharp recession on the
island, especially affecting
Taiwan’s construction

industry, which traditionally
uses signicant amounts of
steel, is behind the domestic
slump, he said.

French mend
Canadian fences

THE FRENCH Government
has signalled its desire to
improve relations with
Canada during a five-day visit
hy M Pierre Manroy, the
French Premier, James Rusk
writes from Ottawa. M
Mauroy bad two days of talks
with Mr Pierre Trudeau,' the
Canadian Prime Minister; and
other senior Ministers, and
underlined his Government’s
intent to esablish “more than
normal" relations with
Canada.

Election landslide for
Malay Government

BY DAVID DODWBLL

MALAYSIA’S national coalition-
lead by Prime Minister Dr
Mahathir Mohamad, was poised
last night for its most sweeping
electoral victory since inde-
pendence.

Dr Mahathir, who became
premier nine months ago, called
the election to seek a mandate
for reforms leading to a
" cleaner, more efficient and
more trustworthy " government.
Haring won resounding support
Dr Mahathir hinted yesterday
that a cabinet reshuffle can be
expected next week-

. With resuJts in from ail but
one of the 114 seats.ro penin-
sular Malaysia, and witii eight
candidates being returned un-
opposed from the Eastern Malay-
sian states of * Sabati and
Sarawak, the National Coalition
had won HO seats, compared

with just 11 won by opposjtiOn
candidates. '

Since-the coalition is expected
to win the remaining 32 seats in
Sabah and Sarawak. Dr JMahathir
is likely to be returned to power
with more than : 140 o£- the
rational parliaments 154 seats,
compared with 133 when the
general election was called two
weeks ago.

Faced by a nationwide swing
of about 5 per cent to the coali-
tion, the opposition Democratic
Action Party (DAP) took a
severe drubbing. For the first
time the coalition was able to
break tbe DAP's stranglehold
over the urban Chinese vote.

The ■ebatition’s only reversals
came in the conservative rural
states of Kelantan and
Trengganu. where, the religious
extremist Parti Islam won five
parliamentary .seats -

Irish workers strike
over health taxes

BY BRENDAN KEENAN. DUBLIN CORRESPONDENT

ABOUT 1,000 membra of one
of Ireland's biggest unions went
on strike aud marched through
Dublin yesterday in protest at
recent increases in social in-
surance contributions. The
protest went ahead despite a
promise by the Government to
give back Ir£45m (£36m) of the
increases in new tax allowances.

The Government of Mr
Charles Haughey has been
baldly shaken by the reaction
to the new rates. Yesterday’s
stoppage, called by the 7,000-
strong Marine, Port and General
Workers’ Union, was the first
to be officially endorsed, but
there have been several light-
ning stoppages when workers
received their pay packets from
which the new deductions had
been made.

The increases meant extra
contributions of up tolr£214 a
year for a worker on Ir£10.000
a year. The promised allow-
ances would reduce that figure
to Ir£103 a year.

- Despite this, transport unions
have called for a halt of all
bus ■ and train services next
Wednesday afternoon and Mr
Haughey’s erstwhile allies in
the left wing SFWP Party are
to press ahead with a Dadl
motion condemning the in-
creases.

One of their three MPs said
they wanted the lr£45m rebate

Mr Blaney , . . help needed

to be paid for by tbe return of
death duties — abolished in 1971
— rather than through fresh
taxes and spending cuts, as
suggested by tbe Government.

With other Left-wingers
likely to support this line, Mr
Haughey may require the sup-
port of the remaining indepen-
dent, Mr Neil ~Blaney, to get
the measure through. Mr
Blaney is already looking for
extra spending for his Donegal
base as the price of continued
support

Portuguese Government
ends wheat price subsidy

BY DIANA 5MIW IN LISBON

THE Portuguese Government
has removed a subsidy on wheat
prices that would have cost the
state -Es 9bn (£71m) this year.

At tbe same time, it has
raised bread prices by 26 to
29 per cent A large loaf will
cost Es 41.

Sr Bailio Horta, Agriculture
Minister, announced that other
staples such as rice, milk and
sugar would be subject to a
maximum price system. They
would not increase iu price this
year.

- It -was recently announced
that the cost of living in
Portugal rose by 7 per cent in
the first quarter of this year,
raising serious doubts that the
Government’s annua] inflation
target of 17 per cent can be
met.

Portugal's various supply

funds, which have given
generous subsidies to a number
of basic foods, are Es 50bn in
deficit, according to Sr Horta.

One of the policies of the
centre-right coalition is to
attempt to introduce some
realism into prices and to
encourage competition. Thus, a
number of non-essential, non-
food goods previously kept
under price controls will now
be subject to free competition.

For the time being the
authorities have no choice but
to continue subsidising diesel
to prevent the impact of a
realistic price harming public
transport and agriculture.

A realistic price, according to
Sr Horta, would, be Es 58 a litre,
the same as petrol. But the
Government can make only a
modest, S per cent increase to
Es 30 a litre.

Government
warning to
London
Transport

By John Hunt,

Parliamentary Correspondent

THE Government would impose
a reorganisation of Loudon
Transport unless the Greater
London Council quicHy pro-
duces its own proposals, Mr
Reginald Eyre, Under Secretary
for Transport, said yesterday.

He gave no details, but one
idea Boated recently was to set
up a regional passenger autho-
rity which would be responsible
for integrating London's buses
and Underground system with
local British Rail services.

Another suggestion was that
the Department of Transport
should take London Transport
under its wing.

Mr Eyre was speaking in a
House of Commons debate on a
private member's Bill from
Mr Douglas Jay (Lab, Battersea
North) to let the GLC subsidise
bus and tube fares out of tbe
rates.

This would, in effect, bypass
the Law Lords’ judgment that
the GLC scheme for proriding
cheap fares by raising a supple-
mentary rate was unlawful.

There were noisy scenes as
the debate ended without a vote
on the Bill. This means it is
unlikely to go further.

As a result of the fares row.
tbe Government asked the GLC
to produce proposals quickly
for an integrated and ejficiem
transport system. Mt David
Howell, Transport Secretary,
wants these by the summer.

Mr Eyre yesterday said the
Government bad made it plain
that it wants quick action. “If
the GLC won't put its own house
in order the Government will
have to impose its own solu-
tion.”

The Government will set out
its own ideas for a better
organised system and the views
of the Commons Transport Com-
mittee would be taken into
account

“ After the disasters, failures
and illegalities of recent months
the situation cannot be left as
it is,” he said.

Mr Jay later accused Con-
servative MPs of obstructing
the Bill.

Third reading
for Children’s
Homes Bill

A BILL to tighten up the regis-
tration, inspection and conduct
of certain private children’*
homes was given an unopposed
third reading in the House of
Commons yesterday.

Zt had been piloted through
the Commons by Mr Ted Lead-
bltter. Labour MP for Hartle-
pool, and now goes to the Lords.

The Children’s Homes Bill
sets up a system of compulsory
registration and prevents local
authorities from placing a child
in an unregistered home.

It makes it an offence for an
unregistered home to accommo-
date a child placed in its cane,
and -empowers local authorities
to inspect the homes annually
and to cancel registration of
those not up to standard.

. The Bill specifically excludes
community homes and volun-
tary homes defined in the Child
Care Act 1980.

Mr Leadbitter said he was
pleased that at a time when the
country was facing such' great
problems, a Bill such as this
could go through tbe Commons
with a " remarkable degree of
co-operation."

Breakthrough for BCal
on W. German routes

BY MICHAEL DONNE. AEROSPACE CORRESPONDENT

BRITISH Caledonian Airways,
which has been . fighting for
years to win new services
between Gatwick and the
Continent, has achieved a
breakthrough on West German
routes.

Under a Memorandum of
Understanding signed this week
between the UK and West
German Governments, the air-
line will be able to start flights
from Gatwick to Frankfurt m
September, and between Gat-
wick and Cologne / Bonn,
Hanover, Hamburg and Stutt-
gart from the beginning of
next April.

However, the airline has still
not won complete approval
from the West German author-
ities for its cheap “ mini-pris "
fares schemes. These would
have offered rates substantially
below existing levels.

The British and West German
airlines have been instructed

lo work out a range of cheaper
fares for the routes in question,
so that it is not yet possible
to give details of fares on the
routes now approved.

British Caledonian is never-
theless delighted at the decision
which widens its European
short-haul network. The air-
line already flies from there
to Amsterdam, Brussels. Genoa
and Paris.

It made applications some
time ago to the Civil Aviation
Authority for a wide range of
services to continental cities,
but most of these have
remained blocked

West German approval for
the five cities now named is
regarded as a major break-
through for the airline as the
~ second force ’’ . British oper-
ator i after British Airways)
on those routes.

• British Airways intends to
press ahead with its campaign

to win cheaper fares in Western
Europe, ' in spite of resistance
from various continental air-
lines and governments, says
Mr Boy Watts, deputy chairman
and chief executive.

Writing in the latest issue
of Executive World. BA’s
magazine fur businessmen. Mr
Wans says that while it is. up
to the airlines to push . for
cheaper fares, governments
also have a part to play. - -

“ Certainly, we have not
always been successful in get-
ting the cuts we would like to
see. But we shall go on trying
because I sincerely believe that
is the way the airline industry
has to go, whether it likes it
or not.

"We may not always have
the wholehearted support .of
our fellow airlines. But X have
a very strong feeling that
history, at any rate, is on. our
side."

BAe chief warns of ‘five tough years’

BY OUR AEROSPACE CORRESPONDENT

BRITISH AEROSPACE, the air-
craft, missiles and space group,
faces a tough five years ahead,
according lo Sir Austin Pearce,
chairman, in his annual state-
ment to shareholders.

Sir Austin says, however, that
the group’s spread of interests
” which is wide but not so wide
as to be uncontrollable, will
keep us on course as a strong
and profitable company.”

The annual report confirms
the earlier statement of a pre-
tax profit of £71m for the year
ended December 31 last, against
£53ra in the previous year.

Sir Austin says that British
Aerospace is holding “active
discussions " with the Govern-
ment on projects designed to
ensure work through to the end

of this century’ and beyond-

These projects include the
new A-32D version of the Euro-
pean Airbus; the P-110 fighter,
an advanced turbo-propeller air-
craft: and an advanced short
take-off and landing combat air-
craft.

Sir Austin stresses that par-
ticipation in such programmes
would require major invest-
ments in both fixed and working
capital. Therefore, the group
should make more effective use
of all its resources " not just to
meet but to decisively beat the
competition."

While there is no lack of new
projects on which to work " it
is vital that we do not expose
the company to undue risk
through taking on too much

too soon.”

Sales last year totalled
£l.f*6bn. Military aircraft sales
accounted for £75 lm of Tbis,
guided weapons £346m, and
civil aircraft £332. 5m Support
services generated £124m and
space activities £77 ,5m. The rest
was achieved by miscellaneous
sales.

Export sales were just over
£lbn.

The report also says that
“having regard to sales and
orders received -for the A-300
and A-310 aircraft by Airbus
Industrie, and expectations for
the future .... the board con-
siders that, overall, the com-
pany's participation in the pre-
sent programmes of Airbus
Industrie will be profitable."

Fuel-saving policy ‘still applies’

BY RAY DAFTER, ENERGY EDITOR

ENERGY CONSERVATION is
to remain a central aspect of the
Government's energy’ policy,
despite the present fuel surplus
and falling crude oil prices.
This was made clear yesterday
by Mr Haroish Gray, Minister
of State for Energy .

The coal and nuclear indus-
tries would make important. con-
tributions to the UK’s future
energy needs, he said during a
visit to Scotland. But the
development lead times of these
industries were long. The effects
of decisions taken today would

not be felt until the late 1980s
or 1990s.

Mr Gray, who opened new
commercial premises of
.1. T. L. Parkinson (Inverness),
gave little hope of relief from
increasing energy prices.

“ Prices must reflect the con-
tinuing costs of supply if con-
sumers are to make rational
decisions." he said. “The way
ahead is for consumers to recog-
nise that energy is no longer a
cheap and freely available
resource."

In its energy campaign, the
Government had recognised that
price signals should he ocom-

pained by information.

Selective fiscal incentives,
such as 25 per cent grants
towards the cost of projects
which demonstrated novel
applications of energy saving
were available from the
Government.

The premises of Parkinson—
a North Sea oil service company
— incorporate an energy-
engineered heating system
designed to save up to 30 per
cent of normal fuel require-
ments. Mr Gray said it was
through such - savings that
British industry could become
more efficient and competitive.

Failed furniture company relaunched

BY BELINDA NENK

A GROUP of former employees
have relaunched the Hamlet
Furniture trade name in Bristol.
The company, which manufac-
tured traditional quality furni-
ture, went into receivership last
December.

A team of middle manage-
ment and other, workers have
formed a new company,
Kcmpaft. which will use the
Hamlet name. The 23 meploy-
ees, who include the former
company secretary and quality
control manager, are equal
shareholders in the venture.

They each paid £500 tD start

the company and have agreed
to contribute 30 per cent of
their wages to the business for
the first six months. They will
have joint responsibility for the
company's future.

Support for the venture has
come from a number of other
quarters, including a substan-
tial loan guanraatee from the
Government.

As part of its streamlining
tbe company has taken smaller
premises and will be reducing
the product range from 100 to
35 items. The workforce has

been cut from about. 120 to the
present 23.

Mr Paul Marx, one of the pro-
duction managers, said yester-
day that he was confident the
company had the right number
of craftsmen for the new pro-
duction schedules.

"I’m pleased wc have been
able to stay together as a team.
Malting quality furniture needs
a lot of different skills and with
modern premises, up-to-date
machinery and the experienced
workforce, we are keen to get
going."

LEAVE YOUR MONEY AT HOME.

With the economic climate at
home improving, now seems
the right time to invest your
clients money in Britain. New
ventures begin to thrive and
established businesses start to
make a strong recovery.

Our New TSB Selected
Opportunities Unit Trust has
been designed to take full
advantage of these market
conditions and willbe investing
predominantly in the UK.

The type of securities in
wMch the fund invests will

often show an above-average
price volatility. For example,
investments may be in recovery
shares, potential takeover
situations, small companies that
offer high growth potential, new
issues and traded options
(subject to D.o.T. approval).

Because this Unit Trust has
been setup to maximise capital
growth, income may vary
considerably but the estimated
commencement gross yield is
4.8% on the initial offer price
of25p..

We believe that this initial
offer, coming as it does at the
bottom of the economic cycle,
provides an opportunity that
should not be missed.

If you would like more
information on this new trust or
any of our other five TSB Unit
Trusts, please telephon&Robert
Tipping. We’ve set up an office
in the City especially to handle
enquiries from professional
investment advisers and he
would very much like to hear
from you.

FIXED PRICE OFFER- CLOSES 5th MAYT

©©©

UNITTRUSTS

TSB UaitThifitsis a divi si an ofT5B Trust Company Limited, a member of the TSB Group. Ultunateholding company- Trustee Savings Banks
(Holdings) Limited, Registered Office: ?G B ox 33,3 Copthall Avenue, London EC2P2AB. Registered in England and Wales No. 91 0851.

I

I

I

PLEASE TELEPHONE
ROBERT TIPPING ON 01-623 8011
OR LEAVE A MESSAGE-
AT OUR ANDOVER OFFICE
026463434. .

1

I

I

I

I

>•{

if

rh

if

&

Ft

ta

Si

9

Ji

G>

la

si-

A;

to

A

pe

Pi

nf

th

B

B 1
th

S.7

Ci

n:>

tv

fo

tit

Jn

ch

Iri-

sh

of

■na

60

5.f

th

wi

E?

dc

sc

sic

to

Hi

rtii

ov

cit

oit

nc

is:

ar

nv

nc

Xi

iff

sh

oc

LI

st:

ou

fo;

Br

as

bo

tei

Gr

Wr-

it

Dc

pe

*?u

lo

fr<

mi

da,

ha

mt

Ar

]

Financial Times Saturday April s* 19S2

UK NEWS

LABOUR

Renault

improves

rust

warranty

By Kenneth Gooding,

Motor Industry Correspondent

Renault is offering UK
customers a five-year guarantee
against rust damage to its cars
and light vans in a scheme
which goes further than any
offered so far by its rivals.

The guarantee is free, com-
prehensive and, unlike the other
warranties being offered, does
not require the customer to pay
for periodic maintenance treat-
ment

Renault's previous rust dam-
age warranty obliged the cus-
tomer to pay for periodic
maintenance treatment

Renault’s previous rust dam-
age warranty obliged the
customer to have the vehicle
re-treated at regular intervals
and a charge was made for the
service.

Its new system, which covers
all cars and vehicles of less
than 2.000 kilograms sold after
January 1 this year, entails no
re-treatments or additional
costs. The warranty covers per-
foration due to rust of any
panel on the car.

A condition is that the cus-
tomer should have the vehicle
inspected once a year
# An attempt to win back some
of the replacement parts busi-
ness lost to the “quick fit"
centres is being made by VAG
(UK), the Lomrho subsidiary
which imports Volkswagen and
Audi vehicles to Britain.

VAG dealers will offer a
Price Guarantee scheme on
nearly 1,000 routine jobs cover-
ing such work as exhaust and
shock absorber replacement
The company says its dealers
will offer instant service and a
fixed competitive price quota-
tion.

Two Irelands compete for
1,000-job Hyster plant

Sinclair

launches

£125

BY RAYMOND SNODDY

HYSTER, THE U.S. forklift
truck maker is to build a major
new plant in Northern Ireland
or the Republic of Ireland.

The plant, which will take
Hyster into computer-controlled
materials handling for the first
time, will eventually involve
more than 1,000 jobs and a
much more substantial invest-
ment than their £25m plant
opened last year at Craigavon
in Northern Ireland.

Hyster. which made its
announcement yesterday, said
negotiations with the govern-
ments of Northern Ireland and
the Irish Republic would be
completed in about a month,
when the two deals would be
compared.

In March. Mr Janies Prior.
Northern Ireland Secretary,

hinted that a major new over-
seas investment was expected
soon.

Northern Ireland officials
hope that Hyster will build its
plant — which will include the
administrative headquarters for
the automated handling opera-
tions — st Antrim. Earlier this
year the town lost 850 jobs when
British Enkalon closed its fibres
plant,

Mr William Kilkenny, the
Hyster chairman, told the
annual shareholders meeting in
Portland, Oregon, yesterday of
the company's intention to go
into automated materials
handling.

“The new products will be
manufactured In a completely
new facility which will he on
stream soon. A major research.

development and engineering I
centre will be created with ■
initial hiring and programme j
work starting immediately,” Mr j
Kilkenny said. I

Mr Kilkenny claimed the new i
project would be the most ■
ambitious by a company in the
modem materials handling !
industry. !

The industrial forklift truck j
would remain the mainstay of !
Hysteria business but the com- j
pany believed that smaller seg* 1
meats Of the $20bn (£UJm) j
world market for materials
handling were forecast to grow
at between 16-25 per cent over
the next 10 years. These
included automated storage and
retrieval systems, materials
handling robots and automatic
guidance and control.

computer

By Guy de jonquieres

Workers to strike over RDL sale

BY IAN RODGER

WORKERS at Redpath Dorman
Long, the British Steel Corpora-
tion's heavy engineering sub-
sidiary, are to hold a. one-day
strike an Monday to protest
against the agreed sale of RDL
to the Trafalgar House Group.

The Steel Industry Manage-
ment Association (SIMA), which
represents 450 managers of the
Bedford-based group, said it was
seeking full consultations on the
effect on employees of the pro-
posed sale. It also demanded a
full investigation of “the deri-
sory sum of £10m which has
been offered ” and time to pre-
pare a plan for the management
to buy out the company.

BSC on Wednesday refused a
request to delay the Trafalgar

House deal and give the union’s
advisers a month to prepare
their plan to take over the busi-
ness.

Mr Bob Scholey, deputy chair-
man of British Steel, suggested
in a letter to SIMA that an em-
ployee-led consortium would be
unlikely to obtain sufficient
financial backing.

Mr Eamonn Heffernan, SIMA
branch secretary, said the strike
call had been overwhelmingly
endorsed by his members and
the 2,600 workers belonging to
other unions. He also claimed
strong support (from the 150
non-union staff.

In spite of the strike, safety
cover is to be maintained on
Monday by union members at

RDL’s 25 construction sites.

SIMA will also hold talks on
Monday with the Office of Fair
Trading, which has been exam-
ining claims that the sale to
Trafalgar— which owns Cleve-
land Bridge and Engineering —
would create a monopoly in the
UK heavy steel structures
industry. It is expected to con-
clude its study of the case next
week.

Redpath Dorman Long has a
turnover of about £100m a year
and has suffered losses
totalling about £60m over the
past five years. However, the
workforce has been cut from
9,000 to 3,200 and the group has
begun to make a profit

• ' request io aeiay tne rrataigar Monday by union members at begun to make a pn

Fair pensions deal for job leavers urged

BY BARRY RILEY AND ER/C SHORT

RTTAIN’S ocamaHnnal npn. mntarilv tn avniri nrotniro {nv *V>„ : .

BRITAIN'S occupational pen
sions movement will have to
face up to the problem of giv-
ing fair treatment to the early
leaver, it was sugggested yester-
day by Mr Norman Tebbit, the
Secretary of State for Employ-
ment

Speaking at the annual con-
ference of the National Associa-
tion of Pension Funds in
Bournemouth, he referred to
last year’s report by the Occu-
pational Pensions Board, which
criticised the loss of pension
rights often suffered by people
who change their jobs, and em-
phasised that the Government"
was “ taking the point very seri-
ously.”

“The board’s report has not
been shelved by the Govern-
ment We want to ensure that
the labour market like other
markets, works flexibly and effi-
ciently and that as far as pos-
sible artificial impediments to
this flexible and efficient opera-
tion are removed,” he said.

The Government did not want
people to be tied to one em-
ployer simply to protect their
pensions, and was prepared to
consider alternative approaches

He called for changes and
improvements to be made vol-

untarily, to avoid pressure for
changes to be enforced by legis-
lation.

Lord George-Brown, the
lunchtime speaker, said that
pension funds had a central role
to play in the economic recovery
of the country. First, funds
needed to consider how to use
their assets to provide the fin-
ance necessary to build new
companies and industries and to
create jobs to replace those lost
in the recession.

Second, funds needed to en-
courage employees to move into
these new industries by enabl-
ing them to transfer their pen-
sion rights. The transferability
problem had been around for
some time, and he was dis-
appointed that ho solution had
appeared.

Pension schemes would have
to look for a solution. He sug-
gested the possibility of
employees being treated like the
self-employed and having indivi-
dual pension plans, which they
could take with them on change
of job.

Mr Dick Taverne, director
general of the Institute of
Fiscal Studies and a member of
the steering committee of lhe
Social Democratic Party, said

the transferability of pension
rights and the indexation of
pensions were two major prob-
lems currently facing pension
funds.

He did not expect to see in-
flation rates continually below
10 per cent during the next
decade. Hence, indexation of
pensions was of the greatest
importance, even if it meant a
lower pension at outset.

Mr Taveme’s other major
point concerned the growing
costs of the new state earnlngs-
related pension scheme, which
started four years ago. He con-
sidered the benefits far too
generous

He warned that the costs of
providing earnings-related pen-
sions could double over the
next 50 years to 35 per cent
of earnings.

He urged a complete re-
examination of the present
scheme while it was still in its
infancy and while changes
could be made in the benefit
structure without upsetting em-
ployees' expectations.

He also urged a complete re-
appraisal of the state's role,
which in his opinion should
confine itself to providing
adequate basic pensions, leav-

ing

up.

the private sector to top

Mr Chris Lewin, a member of
the NAPF committee on index-
linking, discussed various
methods by which private sec-
tor schemes could make in-
creased pension payments to
their pensioners to offset the
eroding effects of inflation.

To guarantee pension in-
creases in line with rises in the
retail price index could finan-
cially cripple many companies,
even with inflation rates as low
as 10 per cent, he said. But he
felt that employers could pro-
vide considerable protection on
a nan-guaranteed basis.

He illustrated several alter-
native methods with figures to
show that costs of such in-
creases could be acceptable.

Mr Tom Schuller and Mr Jeff
Hyman of the Centre for
Research in Industrial Demo-
cracy and Participation at Glas-
gow University, told delegates
that preliminary results of a
survey showed that employers
were voluntarily bringing em-
ployees to the control and
management of pension
schemes. But training of em- *
ployees for such trustee and
other dirties appeared limited.

Mr CliTe Sinclair yesterday
unveiled a £125 personal com-
puter which, he claimed,
performs better than
machines costing £500.

The ZX Spectrum ^Sinclair's
most powerful machine. It
will supplement the success-
ful £70 ZX81, of which more
than 400,000 have been sold
in its first year.

Production of the ZX Spec-
trum is to start in a few
weeks, at am initial rate of

20.000 machines a month. Mr
Sinclair hopes to sell 300,000-

400.000 in the first year.

The ZX Spectrum is in-
tended to compete with such
popular personal computers
as the British-made BBC
Micro and machines made by
U.S. companies including
Texas Instruments, Commo-
dore, Tandy Radio Shack and
Atari.

It will be sold in two ver-
sions, the more powerful of
which will cost £175. The
power of the cheaper version
can be increased by fitting an
extra memory pack for about
£60. All prices include VAT.

Mr Sinclair expected (he
machines to be bought by
ZX SI owners interested in
computing as a hobby and by
managers and professional
staff who wanted their own
desktop computer at work.

The ZX Spectrum has
several features not available
on the ZX SZ. They include
the ability to generate and
display graphics using eight
colours, a more versatile pro-
gramming language, better
keyboard and facilities for
linking several machines in
a communication network.

Mail order sales of the ZX
Spectrum will start in the UK
in a few weeks, and exports
will start late in the year. Like
the ZX 81, it will be made at
a factory in Dundee, Scotland,
owned by Timex, the U.S.
watch group.

Mr Sinclair also announced
yesterday a new range of soft-
ware (programmes) for the
ZX 8L It includes educational
programmes, electronic games
and a business financial model-
ling package.

He said sales by his com-
pany, Sinclair Research, had
risen to about £27m in the
year to March 31 from £4. 7m,
while pre-tax profits had in-
creased to about £10m from
£i.lm.

Sinclair Research has been
discussing with NJff. Roths-
child, the merchant bank, the
possibility of selling shares
through a private placement
this year. Mr Sinclair said this
would raise capital to finance
non-computer activities, in-
cluding the development of an
electric car.

Duty to charterer ‘outweighed seamanship

BY RAYMOND HUGHES, LAW COURTS CORRESPONDENT

FAILURE TO ventilate cargoes
of copra on two bulk carriers
by opening the hatches during
a voyage— even though it would
have been imprudent seaman-
ship to have done so— -was a
breach of the owner's duty to
the charterer, an arbitrator has
ruled.

Mr Andrew Longmore ruled
that" Intermare Transport, of
Hamburg, owner of th e hulk
carries Ross Isle and Ariel
was liable for damage to the
cargoes.

In the Commercial Court
yesterday. Mr Justice Staughton
rejected Intermare's application

for an oTder that the arbitrator
give his reasons for making
interim awards in favour of the
charterer. International Copra
Export Corporation.

The judge said arbitrators
were required tn give reasons
only when their awards were
based on questions of law. Mr
Longmore had made his
decisions on the basis of expert
evidence.

The judge said that charter-
parties under which the vessels
carried the copra from the
Philippines to Europe each con-
tained a clause requiring the
owner to “ventilate cargo as

necessary” during the voyage.

On discharge the copra was
found to contain excess
moisture, which the charterer
contended had resulted from
inadequate ventilation.

The owner denied that, and
said that, in any event, it would
not have been safe to open the
hatches while the vessels were
at sea. The hatches opened
athwart&ips and even the
slightest roll might have caused
them to bang shut and be
damaged.

The judge had been told that
the arbitrator had decided,
from the expert evidence, that

it was practice to open hatches
to ventilate copra cargoes. That
had not been done on the Ross
Isle and Ariel because it would
have been imprudent seaman-
ship.

But. said the arbitrator, the
fact that it would have been
imprudent did not exonerate
the owner from its duty to take
all reasonable care of tie cargo.

An- owner could not excuse
himself from fulfilling his duty
to a charterer by providing a
ship whose hatches it was
impossible or unwise to open —
especially if he bad contracted
to ventilate as necessary

loco cuts

Welsh

production

By John Edwards,
Commodities Editor

INTERNATIONAL NICKEL
Europe (Inco) has tempor-
arily stopped nickel pellet
and powder production at its
Clydach refinery in South
Wales.

This will mean putting 350
of the 870 employees there on
short-time working. The com-
pany is asking the Depart-
ment of Employment for
assistance under die tempor-
ary short-time working
compensation scheme.

Inco said the cuts at the
refinery, which, has been
working at half capacity for
18 months, were due to stocks
building up to unacceptably
high levels because of low
demand. The main markets
for nickel pellets are stain-
less steel and high nickel
alloys. Pbwder is used mainly
in nicked /cadmium batteries.

LEAVING LONDON COULD
SAVE YOUR COMPANY
A FORTUNE

An estimated £2. 75m in annual accommodation
costs could be made by moving your company's

offices to Derby,

To HERITAGE GATE - A new office complex of 180,000 sq.ft,
located ert a safe distance from the congestion and expense
■ of central London.

Heritage Gate, Derby

For further details of relocating to Derby contact -

^ Weatherall
Green & Smith

22 Chancery Latte, London WC2A 1LT.

Tek 01-405 6944

Charles Dumxnv

.OFHCE
mOCAPON
CONSUUANI5
Heri t age Gate, Derby DEI 1DD.

Tel: Derby (0332) 3672G8.

Frank Innes Commercial

23 St James's Street, Derby-

Tel- Derby (0332) 31181.

Plantations
group chief
resigns post

By Ray Maughan

THE MANAGING director of
McLeod Russell, the planta-
tions group, resigned yester-
day over what the company
described as “differences of
view over the future company
policy."

Mr John Campbell’s post is
to be split between Mr Colin
Montgomery and Air Nigel
Openshaw. Air Opens haw, an
accountant who joined the
hoard last September, runs
McLeod's UK businesses.

Mr Campbell, 35, joined the
group as managing director in
September 1979 from Noble
Gross art, the Edinburgh-based
merchant bank which is
McLeod’s financial adviser.

McLeod gave no details of
the differences of view. It
expressed its gratitude to Air
Campbell, who -is to stay on
as a consultant, particularly
for his contribution to the
hard-fought and successful
£25m bid for Warren Planta-
tions last autumn.

It is believed the differ-
ences stem from the varied
opinions on acquisitions and
disposals in the wake of the
■Warren deal.

Nalgo health group
backs call for action

BY DAVID GOODHART. LABOUR STAFF

INDUSTRIAL action in the
health service came nearer
yesterday when the health
group of the National Associa-
tion of Local Government
Officers backed a programme of
action including lightning one-
day strikes and an overtime
ban.

Union negotiators represent-
ing 250,000 ancillary workers
also rejected an unchanged
4 per cent offer at yesterday’s
meeting. The National Union
of Public Employees iNupe),
which represents most ancillary
staff, is consulting branches on
industrial action.

More hostility to the Govern-
ment came at a meeting yester-

day of the nurses’ unions — the
Royal College of Nursing, Nupe
and the Confederation ’ of
Health Service Employees—
which reaffirmed rejection of
their 6-4 per cent offer. All
health workers are claiming 12
per cent

The Nalgo health group,
whleh represents 100,000 white-
collar health workers, unani-
mously backed a motion of the
national health committee of
the union which included plans
for one-day strikes, a ban on
overtime and non-co-operation
with NHS reorganisation.

The Nalgo plans will not be
implemented immediately. The

union said it woow take «,
programme to the neir
of the TOC Hw]a?&
Committee on Apra »
a common strategy weald
worked- out with- other
Cohse, which has net 2
for joint acfiwLplans^ffi
industrial action on Monday
Final plans. ‘for -coiWw
action by the. other unw^u
probably be
TUC health services'
planned for .ttay -lOi^rK
national executive, of jjpjJ ,
meeting on May ? to S?
industrial - action : stratw*
the General

Workers’ Unfoh health -section

meets on April 28. T”™*

Unions at BL sign
bargaining accord

BY ARTHUR SMITH, MIDLAND CORRESPONDENT

LEADERS of BL Cars* 11
manual unions signed a new
bargaining agreement with the
company last night which, it is
hoped, could herald improve-
ment in industrial relations.

The unions, following detailed
consultations with shop
stewards representing the
53,000 blue-collar workers,
agreed that the deal was the
best obtainable in the current
negotiating climate.

Signature of lhe agreement
will raise hopes for a new
negotiating climate within the
company — but both sides must
recognise that they still have a
long way to go.

Mr Geoff Armstrong. BL Car*;
employee relations director,
described the document, which
lays down new bargaining
arrangements, as “ very positive
and constructive.” It was an
important development to
enable tbe company and the
trade unions to work together.

Mr Grenville Hawley, national
automotive secretaiy of tbe
Transport and General Workers
Union (TGWU), said tbe unions
boped “ to sec the back of the
old confrontation style of
management''

The deal, a result of three
months of negotiations, was
influenced by the Government's
Employment Bill.

A clause was sought by union
negotiators to recognise the
dosed shop and to require out-
side contract labour to be union
members. The company, clearly
with the proposed legislation in
mind, refused to make such
concessions.

Union negotiators recognised
that shop floor support for such
an issue of principle was
unlikely to be forthcoming
given the present level of
unemployment. The militatts
argued that the issue could be
fought best on a pragmatic

basis should disputes emerge
within the plant

The company, when it
opened negotiations had sought
a smaller central bargaining
team of 24 union members in
order to reduce the influence
of shop stewards.

But there will be 37 union
representatives — a compromise
necessary to meet the demand
from the TGWU for increased
representation.

The transport workers, who
claim to represent 6Q per cent
of the workforce, complained
that they could be outvoted on
the previous negotiating com-
mittee by a coalition of the
engineering and other small
craft unions.

The new structure gives the
TGWU 18 of the seats which
should mean that it will win
most of the formal votes.

Talks on the new bargaining
arrangements began after the
crisis over the all-out strike last
November in protest at the
company's 3.8 per cent pay
offer.

Agreement on negotiating
procedure and the new bargain-
ing units marks an important
stage. But the unions will be
seeking a more cooperative
attitude by management as well
as reforms of the present
productivity - based incentive
scheme.

The company promised in
November to explore ways of
relating payments more closely
to individual effort, rather than'
to the performance of factories
as a whole.

Negotiations have yet to open
on what is likely to prove a
difficult issue — as the company
will be extremely reluctant to
lose central control over costs
and to move once more towards
the leap-frogging pay claims
and rivalry endemic to the old
piece-work system.

Halewood dispute ‘over 5

BY DAVID GOODHART, LABOUR STAFF

WORK IS expected to resume
on Monday at Ford’s Halewood
plant after national talks be-
tween union officials and man-
agement yesterday.

The dispute, which began
last Monday when IS workers
in the metal finishing area were
taken off -the' payroll for refus-
ing to work normally, has lost
the company about 6,700 Escort
cars valued at £30m.

A management spokesman at
Halewood said that some of
the 5,000 men who have been
laid -off on the day and night
shifts in the body construction
end assembly areas would be
recalled at the weekend. Man-
agement are hopeful of a full
resumption of work on Monday.

The 18 metal-finishers walked
out when a type of work over
which there was a demarcation
dispute was given to quality

control men under a local
interim agreement between
unions and management. The
strike then spread to 300 body-
shop workers who walked out
The agreement reached in
London yesterday reaffirms the
local interim agreement until
tbe next meeting of the National
Joint Negotiating Council
Mr Ron Todd, Transport and
General Workers Union national
organiser, who represented the
union side along with the Hale-
wood Joint Works Committee,
said: “We will instruct the
metal finishers to honour the
interim agreement.”

The next stage of national
discussions will thrash out
whether work changes intro-
duced at Halewood constitute
normal efficiency procedures or
form part of' the After-Japan
proposals.

Steel plant ‘threat’ averted

BY OUR LABOUR STAFF

THE IRON and Steel Trades
Confederation claimed y ester
day that a threat to close the
British Steel Coropration’s
plant at Craigneur, in Mother-
well, Scotland, had been with-
drawn after a joint union and
management meeting in Perth.

Mr Clive Lewis, the ISTC’s
Scottish organiser, bad said on
Thursday that the workers were
given an ultimatum: lake a
£15-a-week pay cut or. the
works would close with the
loss of l f 0C0 jobs.

Mr Ian McKellar, personnel
manager of the Scottish forges
and foundries division, issued a
joint statement after yester-
day’s 70-minute meeting be-
tween management and officials
of the four unions involved.

“It was agreed that there
would be a programme of joint
meetings to identify action
necessary to ensure the business
viability and therefore reduc-
tion of the works. No dosure
announcement or closure pro-
posal has been made by man-
agement,” he said.

Tebbit to

meet

dockers’

leaders

By Brian Groom, Labour Stiff

MR NORMAN TEBBIT. Employ,
merit Secret/ry, is prepared to
meet dockets’ lenders to discuss
their demand for the nations]
dock labour scheme to be
extended fo all- pbrts ami
wharves.

A national strike by up to
24,000 dockers in all ports has
been threatened from May io
unless the Government be gins
talks towards achieving- this.

The Employment Department
has been in touch with Mr John
Connolly, national docks secre-
tary of the Transport and
General Workers’ Union, to
discuss a meeting. .

If the dockers do not bad
down on their threat, Mr Tebbit
will face a tough derision. He
will either have to compromise
on a demand which the Con-
servatives have' long opposed,
or face .a dispute with one
of Britain's most potentially
powerful industrial groups.

A determined . float strike
would almost certainly have to
be combatted by using the
country's armed forces.

The dockers have changed tac-
tics, by focusing their current
demand on extending the labour
scheme— which now covers pods
handling four-fifths of seaborne
trade — to ports which remain
outside it

Demands in previous yean
have centred on extending tbe
boundaries around registered
ports, within which dockers
have the right to most port-
related work, to win back jobs
lost through containerisation, it
is this demand which has pre-
viously provoked the strongest
opposition in Parliament and
from employers.

Meanwhile, it emerged yester-
day that the present 20 local
subsidiary boards of die
National Dock Labour Board
would remain. It was a proposal
to replace these with fin
regional bodies, as part of an
NDLB cost-cutting plan which
sparked off the threat of a
national strike from Monday.

The proposal with withdrawn
on Thursday, and the strike
seems to have been averted
However, the cost-cutting plan
was not withdra wn in its en-
tirety, and the TGWU leader-
ship may be criticised by some
sections of the union

The proposal to replace the
local boards may, have been
withdrawn even, without tbe
dockers' threat, because the
boards themselves objected to
it - • • -

In Liverpool, where a state
of unease continues over several
issues, a mass meeting win take
place tomorrow.

Employers are offering pa?
ments of up to £22,500 in a
special six-week scheme to
achieve more than 2.M0 votM*
tary redundancies, 'nationally.
Liverpool, which is seeking 735
is understood to'- 'ha** .-to*™

flooded with more than
applications rn the first week.

The Port of Southampton,
which is just recovering fro®
an ll-moxith bout of disputes-
was on " the . brink of lanofter
crisis again yesterday a* 16 *
foremen rejected a new set w
proposals ■ designed to
shortages among their ram*

The British Transport Bo®
Board, the fwrl’s operator. M s
threatened fo curtail worSWS
from May 6 if a complex jaw
stemming from rivaine
between foremen.- and dockets
is not resolved.

■r ..

UCW to ballot on offer

Pay deal
give chemical
workers 7.6%

BY DAYID GOODHART, LABOUR STAFF

THE NATIONAL executive of
the postal workers' union has
recommended acceptance of the
Post Office's 7 per cent pay offer.

The recommendation from the
postal group of the Union of
of Communication Workers
will now got to a ballot of
branches. The result, which is
expected to go in favour of
acceptance, will be known . on
May II.

The 7 per cent offer on basic
pay is an improvement on the
Post Office's original offer of
5 per cent but falls well short

of the UCW*s claim for 20 per
cent.

The offer includes a 7 per cent
increase on basic allowances and
a lump sum payment of about
£55 to compensate for last year’s
widening of lhe differential
with postal supervisee.

The supervisors, members of
the Communications Managers
Association, last year won a rise
of about ID per cent after
going to arbitration. The postal
workers settled for 8 per cent
plus another If per cent halftoay
through the year.

By Oar foboar Stiff /

UNION negotiators, for 15.MJ
production .- workers
reached a pay daa!
employers in the .
ccutlcal and fine chemfcj
industry which would
basic weekly rate by i.o.P**
cent, from £72 m. £77,50.
are more increases on shift pay
Mr David Warburton, national
industrial officer Of the GenetJ 1
and Municipal -Workers; TJbiWi
one of the ..thW; tfiritwSJ5;
voiced, said'. - -‘We. ;haye-
secured a further cutto .iff?.,
ing- hours ’from'Maylneri.!'!**:
to' 38 hours. :- The -c oraegf
have also agreed
us in efforts.
time ami . I hefteve
help to protect

h :

v

>\v '

7

j*-? 5

I\.'‘

ip

on

ll ‘l>bin

meet

dockers'

Icadm

Financial Times Saturday April 24 1982

THE WEEK IN THE MARKETS

The markets find their sea-legs

After three weeks of acclim-
atisation, the markets have
seemingly come to terms with
the Falklands. Gilt-edged and
equities both staged recoveries
this week while gold — the
classic political hedge— -re-
lapsed.

Things eased in the money
market too. A week ago the
Bank of England had to hold
rates down by making a 40 per
cent cut in the weekly alloca-
tion of Treasury bills. It was
indicative of changed conditions
that yesterday's bill tender rate
had fallen by almost a third of
a point — without special atten-
tion — to 12.93 per cent

It would be too much to talk
of returning confidence, since
there was no great pressure of
buying in either equities or
gilts. It was more a matter of
jobbers keeping their spreads
wide and moving prices upwards
in order to choke off business.
Existing stock might edge up-
wards — in the last week the All
Share index has picked up
almost all its geopolitical drop
— but an underlying caution is
still betrayed by the dearth of
large corporate deals.

When Vickers raised money
at the end of March, bringing
its results forward for the pur-
pose. it appeared that there
must be a crowd of rights issues
waiting in the Government
Broker’s ante-room.

As always happens in uncer-

LONDON

ONLOOKER

tain markets, a number of these
issues must have been pulled.
And — the scramble for gravel
pits apart — anybody who was
thinking about an acquisition
this spring will have held back
in case the market took a real
tumble.

Dunlop 9 s dowry

It has looked likely for some
time that 19S1 would mark the
trough of Dunlop's fortunes on
the cash front Cash flow from
trading remains very weak —
the company broke even last
year after £45m of interest
charges, and then went on to
pay £20xn of tax. Spending on
extraordinary items continues at'
a high level — £l»m of cash
went through the funds state-
ment in 1981. At the same time
more stable volume and the
weakening of .sterling have
made it harder for the group to
release funds from working
capital. Capital spending is
running at £60m per annum.

Tbe shortfall has been made
up by the receipt of £22m from
Pirelli — the return of Dunlop’s
dowry — and the disposal of the

MARKET HIGHLIGHTS OF THE WEEK

F.T. Govt. Secs. Index

F.T. Ind. Ord- Ind ex

F.T. Gold Mines Index

BP

British Sugar

CCP North 5ea

Dents ply 9% Cnv. 1991-96

Glaxo

Grindlays

Harris Queenaway

Hawker Sidddey

Lonsdale Universal

RMC

Sainsbu i y (J.)

Shell Transport

Sotheby P- B.

Speedwell Gear Case

Tilbury Group

Webster*

York Trailer

Change
on week
+ 1.11
+1 4.4
- 5.4
+14
+30
+24
+29
+40

+30
+28
+24
+ T1
+30
+38
+45

+n

+7 7
+ 7
+ 7

1981-82
High
4935
5793
3023
320
480
217
£93
434
215.
172
350
48
248
<05
414
393
24
402
. 45
20 .

Dunlop Estates, in Malaysia,
which is bringing in £60m cash
and a helpful book profit of
£23m. Despite this, borrowings
were up by £35m last year: Dun-
lop France has returned to the
balance sheet as a subsidiary,
and brought its debts with it,
while the Indian business has
gone the other way. After all
these bewildering shuffles,
gross debt of £363m is rather
above total shareholders' funds
and minorities, and something
like 3} times Dunlop's market
capitalisation.

That means that Dunlop
could not make a worthwhile
dent in its mountain of debt
by having a rights issue, even
if it wanted to. This year
operational cash flow should
improve as the European tyre
operation shrinks back into
profit But working capital
needs are likely to rise, and
in order to prevent further
deterioration of its borrowing
ratios Dunlop may have to
jettison another big, profitable
overseas business. The most
likely is perhaps Dunlop
Malaysian Industries — and if
that were sold to the Malays
they might no longer want to
retain an interest in Dunlop.

Dunlop has staked its whole,
existence on its ability to turn'
the European tyre side round.
The pre-interest loss on tyres
in the UK fell from film to
£5m between, the two halves of

1981-82

Low

4139

518.1

209-2

274
97
145
£43
418
158
124
290

33

198

500

334

275
11

290

38

9

Rally after recent shakeout
Small buying m short markets
Lower buHion/qtrly. profits fall
OPEC prod. cuta/MTd East tension

Annual results toon

Agreed bid from Triceatrol

Early repayment at £90 per Cent

Share-spirt hope*

Revived bid speculation

Annual results

Good results

Bid from John Memies

Prelim- profits above estimates

Annual results soon

OPEC prod. euts/Mid East tension

De Beers diamond auction

Bid situation

Return to profit* A cap. p*p*ts.

Annual remits

Chairman’s progress report

1981— -The 1980 total was £22m
— and there should be a small
profit before interest this year.
But with borrowings like
Dunlop's that means more
losses at the pre-tax level.

Hawker 9 s quality

A solid 1931 performance
from Hawker Siddeley, reported
this week, stilled the qualms of
analysts who had been on the
edge of their chairs ever since
seeing the profits fall at
Hawker's Canadian operations a
month ago.

- The electrical and mechanical
engineering group posted a pre-
tax rise for the year of just over
£8m to £121m. Second half
profits of £593m almost
matched the interim outturn of
£61.6m, an impressive result
considering that virtually all of
the year’s currency gains of
over £4m came into the interim
period.

The mechanical division set
the pace with trading profits
rising by a third to £63.4xn. The
push has come from a good
showing from industrial diesels.
Star performers were Lister
and the two Mirrlees companies
thquib diesels did nor have it
all their own way. L. Gardner
in particular was struggling
hard against a very depressed
market for commercial vehicles.

The story across at electrical
engineering is less inspiring.
Overall trading profits are
fractionally lower at £43.3m
with problems at the lighter end
of the product range such as
lighting and cables. Medium
switchgear and transformers
held up reasonably welL

Hawker cannot be expecting
much from, its American and
Australian operations this year
—profits in both areas will pro-
bably be down. But at home the
savings in interest charges,
benefits of cost cutting and ab-
sence of redundancy payments
should keep group profits mov-
ing ahead. The market is pre-
dicting £135m or so for 1982
pointing to a fully taxed earn-
ings multiple of jnst over 10.
Not an expensive rating for a
core holding in the sector.

Deltas dividend

The 1981 revenue account of
Delta Group is fairly represen-
tative of those companies which
have spent heavily to reorgan-
ise their domestic operations
while leaning on more buoyant
overseas businesses. The trad-
ing profit of £25.~7m, after asso-
ciate earnings, is halved by in-
terest charges and then almost
obliterated by the tax charge

on foreign profits. A pre-tax
profit o£ £l2.7m, which com-
pares with £lB.6m in 1980, is
converted to a retained loss of
£4m after payment of a main-
tained dividend*

The cash spent on surgery,
coupled with a disquieting in-
crease in working capital, has
kept net debt equivalent to
roughly half shareholders funds
even after asset disposals
which have brought in £30m_
But the costly reorganisation is
at least putting the UK com-
panies in a strong enough posi-
tion to compensate for a down-
turn in South Africa and Aus-
tralasia without much help from
demand.

This switch will come as a
welcome relief to Delta’s tax
accountants who, with un-
relieved ACT to pay, were
saddled with a group tax charge
of 82.5 per cent last year. So
at least the dividend, which
yields over 11 per cent at a
price of 48p, looks fairiy safe.
The taxrate could well fall to
about 30 per cent this year.

But. without further dis-
posals, Delta cannot reckon with
a cash inflow in 1982 and the
gearing ratio will remain high.
Reserves were eroded last year
not just by the retained losses
but also by an unusual negative
revaluation of properties. Delta
has placed Its faith in high
value added products, not all
of which are yet producing an
adequate return. The overall
strategy may be .right but, with
capital spending being main-
tained and working capital on
tiie increase, Delta will prob-
ably be tempted to seek some
help from its shareholders if
the ydeW on the share falls well
into single figures.

Empire shrinks

Great Universal Stores finally
came out with .a full bid for

A touch of aplomb

Empire Stores (Bradford)
during the week but the
announcement of GUS’s terms
after several days’ hard talking
leaves almost as many questions
in the air as it did beforehand.

At least the City now knows
that GUS is heading for full con-
trol rather than a large, influen-
tial stake in the Bradford-based
catalogue mail order business.
But analysts also had their ex-
pectations confirmed; Empire
was still making money in 1981.

With pre-tax profits of £2.4m
against £5.6m. Empire is hardly
bulging with cash. But this
£37m offer, pitched largely in
“A" ordinary shares, cannot be
described as a rescue even
though GUS is offering nothing
more than net assets value.

It seems almost inevitable
that the Office of Fair Trading
will want to JooJc at this parti-
cular' deal and a Monopolies
Commission reference may well
result. GUS and Empire, after
all, would stack up to about
47 per cent of the industry.

GUS seems, however, to be
preparing its monopoly defence
in the context of the national
retailing scene as a whole, in
which mail order plays a very
small part Empire, for its part
seems to have been prepared
to accept GUS's overtures on
the basis that its own cash flow
was not enough to invest
adequately in the technical
equipment needed for success
in the electronic mid-1980s.

But other companies, notably
Grattan, are known to be un-
happy about the proposed con-
centration of mail order power.
And other retailers, such as
Sears, will be scrutinising GUS’s
formal offer document for any
chink which might - let- in a
counter bid. .

NEW YORK

RICHARD LAMBERT

THERE HAS been a touch of
spring in the ah- on Wall Street
this week, and the mood of the
equity market has been notice-
ably more buoyant. Trading
volume has indeed tip— Thurs-
day’s business was the heaviest
for a month. And although
price movements in general
bave not been all that special,
the market has been able to
absorb a string of bad quarterly
results and the expected surge
in the money supply figures
with something dose to aplomb.

The main excitement came on
Thursday, when the oil stocks —
which have been such poor
performers this year — suddenly
started a run. The likes of
Standard Oil (Indiana) and
Atlantic Richfield jumped a
couple of points higher, and
the excitement .continued yes-
terday morning when an order
imbalance delayed trading in
Standard Oil of California.

The gains were most marked
in those companies with big
reserves in the Western hemi-
sphere. Tbe domestic oil
groups bad been even weaker
than the internationals in the
opening months of the year,
with falls averaging nearly a
fifth, and rising Middle East
tension helped to spur the rally
in companies with relative
political security. Other factors
included reports of falling
Opec production levels and a
firmer trend in spot prices for
crude.

Star performer in the oil
service sector was Schhimber,
which defied the bears on Thurs-
day with news of sharply in-
creased profits in the first
quarter.' Its shares, which had
fallen by around 40 per cent
from their high point, fairly
short ahead.

Elsewhere, bad news seemed
to have been pretty well dis-
counted. For instance, the Com-
merce Department announced
on Wednesday that gross
national product had slipped at
a seasonally adjusted annual
rate of 3.9 per cent in the first
quarter of 1982. Not good— but
better than the 43 per cent
decline which was its unofficial
estimate last month.

Another reason for feeling
more cheerful -lay in the ere
dit markets. T$xe actiqn in long
i dated government bonds still
i loks pretty indecisive^ bat
things have been stirring a
little at the short end. The

“yield on three month Treasury
Bills edged down by the best
part of half a point in the first
few days of the week, and has
fallen by a point or more since
the beginning of tbe month,
when it was nearly 13.5 per
cent

The protracted negotiations in
Washington over the - 1983
Budget remain a primefocus of
attention, and rumours of their
likely success or failure con-
tinue to send prices skittering
in either direction. It is now
the generally accepted wisdom
that a successful outcome —
which on Wall Street means a
cut of more than S50bn in the
likely deficit — will bring interest
rates sharply tower avl send
security prices shooting up

By the same token, the view
is that failure will bring intoler-
able pressures on the financial
system,- and seriously damage
the corporate sector. .

So the equity market is a risky
place at present. It is clear
that the big institutional inves-
tors have been taking a rather
bolder line in the last few days.
But it is also dear that they
have been concentrating their
fire power on companies which
are financially strong and which
are not soo seriously threatened
by continuing weakness in the
domestic economy.

Evidence of this approach lies
in the strength of the utility
stocks, which have been hitting
new highs again this week.
Their yields — generally well
over 10 per cent — will look
attractive if interest rates really
areon the way down. And the
dividend prospects for the
higher issues are rock solid.

The same criteria apply to the
selection of industrial shares.

Since the equity market as a
whole peaked outi n January,
shares in companies like Pep-
siCo, G. D. Searle, Disney and
McDonald have risen by a tenth
and more. But companies like
UR. Steel, Kaiser Aluminum or
Caterpilla have fallen by a simi-
lar amount.

Over the same period, the
price of Delta Air, one of the
most efficient and financially
sound airlines in the world. Has
jumped by 30 per cent, whereas
financially troubled Braniff has
continued to slide.

The message is that it is much
to soon to start looking for
“ bombed out stocks." In today’s
uncertain conditions, quality is
worth a premium.

MONDAY 844.08 +234

TUESDAY 84054 -552

WEDNESDAY ' 843.42 +234

THURSDAY 853.12 +9.70

; * \

. ,i s'fc 1 '

Picking out the nuggets

THIS WEEK saw the publica- groups, Anglo American Corpor-
tion of reports on the March ation, AnglovaaL Barlow Rand,
quarter from the South African General Mining Union Corpor-
gold mines in five of that ation (Gencor) and Johannes-
country's leading mining burg Consolidated Investment

GOLD MINE NET PROFITS

BIjTOoruitzicbtS

Bracken

Buffets fonteing ...

Peclkraal

Doornfonlein

Drlefonlein

Durban Deep

East Daggafontein

Ergo

East Rand Pty. ...
East Transvaal ...

Elandsrand

FS ticduldg

Grootvlel

Harm on? S

Hartcbeestg

Kinross

Kloof

Leslie

Libanon

Loral nc

Marievale

President Sieyng
E and font fin

South African Land

Stilfontcin

Unlsel

Vaal Reefs

Venlerspost

Village Main

nakfontein

Wesl Rand Consold. .

Western Areas

Western Deep

Vi*slern Holdings^ .

WinfcpIkaaJk

March

December September

June

quarter

quarter

quarter

quarter

ROMs

ROOOs

ROODS -

ROODS

13324

17,453

17,042

17,606

1322

2378

X964

2359

12,799

27,304

26,385 .

30,071

2,684

4,281

4,086

3,690

11,156

15.995

10346

18.103

76.485

81.808

78334

9X091

2366

8.446

7350

4,716

*57

183

*24

145

13354

12,627

16,223

20,390

*6,791

+8,807

+6.780

10,004

1.163

2355

1317

X423

*429

2,065

2,684

4329

36,189

36.932

41,176

37359

4,043

6343

4,792

5,027

21,723

24302

2X107

26.489

11*998

28,057

27360

29,442

6327

8,460

10300

8,137

28,138.

32368

28313

34362

1,522

1,797

3,123

2386

11,190

12380

10,615

11,452

+3,012

+2326

+X454

+3,483

157

715

500

537

27,486

27.070

37359

35,475

19.661

30,041

27,907

28.052

29.810

50.857

31397

36339

1121,984

1135,645

T31.848

16,158

1,457

1390

1384

U9S

6,433

14,621.

11331

11,625

6.024

11333

14,617

1X475

54,795

93,696

75386

89386

+3,170

*3,579

+2.410

4,022

*42

255

348

486

487

465

275

426

•+1,436

+2,925

+51

+938

*2.090

1X037

1X713

14,007

39.122

61,416

59315

54373

$37,615

+37,625

+102324

25393

9349

11.640

1X907

1X142

* T . n « f After receipt of State aid. I Includes Welkoxn. FS
c , **■ Frfdoel operations. £ March quarter tax charge
Saaisplaas and E naymentc for the respective current financial

SSrtSSWSJSSS i« ■« a<mauow ' 1 |B *■

^rm S oulll African budget, i Incudes Beisa.

UNIT TRUST AND
INSURANCE OFFERS

Page

Arbuthnot Securities lid. *

TSB Unit Trust Ltd.

Murray Johnstone Unit Trust Management Lid. o
Tvndall & Co. ®

(•* Johnnies ”).

In general, these reports
followed the trend set by the
mines in the Consolidated Gold
Fields group, which published
their figures a couple of weeks
ago. Profits are mostly lower,
in some cases substantially,
with several of the more

MINING

G60RGE MILUNG-STiANLEY

marginal operations Sipping
into the red.

These declines came in spite
of higher tonnages milled and
some improvements in ore
grades, which often led to
increased gold production.

The principal adverse factor
a fleeting profits was, of course,
the sharply lower average gold
price received by the mines.
The London closing gold price
has averaged just 8383 per troy
ounce in the latest three
months, compared with $417 in
the December quarter.

One somewhat surprising
aspect of the Man* reports was
the comparatively small impact
on profits arising from the
increase from 5 to 15 per cent
in the tax surcharge on the
already heavily-taxed gold
mines, announced in the recent
South African budget

This is explained by the fact
that the increased tax levied
on profits already considerably
reduced by the weakness in the
gold price.

In fact, several of the mines
performed so poorly at the
operating profits level that they
actually paid less tax than in the
previous quarter, in spite of the
higher rates prevailing.

The quarterly reports contain
a mass of information, covering
the results of recent develop-
ment work in addition to pre-
cise details of the mines’
physical and finan c ial perform-
ance over the three months.

There is so mnch data that it
Is impossible to cover an of the
reports in detail in this column.,
bat as usual there are several
worthwhile nuggets of informa-
tion contained in the latest
statements.

For example, Anglo's Free
State Gednld has gone some way
; towards alleviating concern
about the mine’s future in the
wake of the series of five earth

3SI4 32 are* Bxedfo r the terms shown: ‘

f Terms [years) 1 3j 4~| 5 6 7 8 9 1 0_

Interest 13ft M 13ft 13% 13ft i 13tt 1 13K | 13%

Lonrfou ah aXP-lOi-MB 7822 Exl 36 ?). ChEqncs paya ble 1 0 "Bank of England, a* FFC
Finance for Industry pic

tremors earlier this month by 1
providing a lengthy- statement I
on the damage done and pro- ,
gross towards a resumption of '
normal operations. I

The tremors, which affected |
two shafts and associated work-
ings, took the lives of four
workers and injured 20 others.
Apart from disruption caused by
the shaft damage, access ways
to some of Free State Geduld’s
higher-grade workings were
closed.

The statement says that suffi-
cient repair work on the shafts
will have been completed by
the first week in May for both
to resume operations, while
work on reopening the damaged
access ways to the richer ore-
zones has already begun. Once
this is complete, the mine
estimates it will take about
three weeks to get back to full
production.

The shortfall of ore milled
over the next two quarters will
probably be only about 70,000
tonnes, which is insignificant in
tbe context of the mine’s normal
quarterly milling rate of over
700,000 tonnes.

In addition, this year’s output
from the vital higher-grade
areas should be close to the
original forecast.

The bad news Is that Free
State Geduld’s insurance does
not cover the mine' ' against
earthquakes, so a provision
against the cost of the damage
will have to be made in the
current quarter. Fortunately,
this is not expected to be sub-
stantial

The other principal nuggets
in the latest reports concern the
marginal operations, such as
Gene oris West .Rand Consoli-
dated and Stttfonteln and
Western Areas in the
“Johnnies” group.

West Rand Consolidated Is
wholly dependent on its very.
low-grade gold operations now
that it has stopped uranium
production, but the mine is still
running at a loss, even after
receipt of state aid.

Gencor . bad originally hoped
to keep the operation going
until uranium prices rise suffi-
ciently to make a resumption of
production viable, but there
must by now be very real doubts'
about the mine's future.

Stilfontein has reduced pro-
duction in order to “conform to
the optimum life of mine plan,”
the report says. In simple terms,
the lower gold price effectively
reduces the amount of ore in a
mine which Is deemed to be pay-
able. thus shortening its life.
Gencor clearly wants to avoid
this with an operation which
already has a limited life span.

In the case of Western Areas,
Mr George Nisbet. chairman,
admitted that this was a critical
time for the mine, and said he
was considering every possible
means of Improving the position.

This may include an applica-
tion for state aid. but Mr Nisbet
denied the strong rumours that
Western Areas has .already
applied iip d been turned down.

Sira,

Are vou prepared

for the end of the US
recession and the rise in

US markets?

Si

s m to _

KHi IVVOl M management reasons ffmaynenecessaiy

$ Biyil mu ■ H lf to retain some partof the funds instefog

■ wmwuawaj OTCuriHKyfamiimetofena

EX Choo^ng the right stocks

M “ ■ Mun^Jcimstoneharedwdc^ieda

I" , me r| sophisticated and highly effective screening

process,wh«^acornpai3yisrat!edbofa

■ *** m terms of quality-itscohx)^

CTO <rr AUCUD AC r TTVTPTK? martet strength, product opportunities—
rllAOl \Jrr£A\Sjr UINIIO ^ its ensure tocydksdinBueoc^si^

AT 50p EACH I ^ inte grates, currency movements and

(CLOSING DAY - 7 ' Has system ofscreemng has moved to

Why the USA? company whichhas

TIte United States has not escaped the America since 1907.

effects of international economic reason. Overtheyeais,

However; the managers of die new- network ot establish

AT 50p EACH as inter ^t rales, currency movements and

(i CLOSING DAT MAP 7 § ■ This system ofscreeranghasprovedto

be oFsignificanthdp in portfolio

management derisions and is used

compcmywhich has been invesSnginNbrth cxtenavriyonbehalfofpensionftmdaDd

Overtheyeais, fheyhavebuiltupa
network of established contacts across the

Murray American Fund beSeve that many continent and, today, North Amralcan

opportunities now exist for profitable inw

inypstfrient: ?n th ^TK marbk £15

Wbynow?

Inflafionisfellnigshaiplym America
ardconMence is bebge^nressed that this thp

is a longterm rate than a cyclical
movement Also ihe US stockmarket Is mai

Investments maDagedby them exceed
5150 million.

Now, for the first time, file new Murray

American Fundoffecs UK unit trust investos offer

investment trust dienls of Murray
Johnstone.

Invest in the world’s biggest ,

economy— now!

To invest; smip^coTiipIeteffiec»«poa
befowand return itmlhyour cheque
(minimum subscription is5500). The fnifel '

ftrsmcpH mmpar rif*; i Tnrten wlt t<vI. Trufial

investments will be incompanieswkse .

the opportunity of benefiting from the
in-depih knowledge of foe American
marketeamassedhyMurrayJohnstoneover
sever decades.

until the offer period expires on 7 May 1982
(although the managers reserve therigbtto

products and sendees enhance prodncfi\ity strategy

and^ whose profits are not dependentan
inflationary price intreases.
Investment adviser-
Mnarray Johnstone Limited
MmrayJohnstom is a leading

seven decades. 'warrant). AppCcations win be

a acknovrfedged and certificates will normally

Aspecmc lllveslHieill be issued withm 35 days. 'Hia^aferMuricy

strategy American Fund vviU be vali^d we^dyeffid

The uwestmentpoGcy of Murray the unit price published in the national •

Ammcan Fund is to invest in Am^ican_ press-The estimated gross startingyiddis

equitiesand bonds with the aim of securing 40 % per aimim Remember; tbe prioeot;

The in ve stmaitpoBcy of Murray'
American Fund is to invest in American

growth in both capital and income by

units and the income from than can go

seeking out sectors Bkeiy to offer better than dCAvnaswrilasiq?, and you should r^ard

average prospects. For investrnentaiid your investmoitas aloog^mn one.

General Mbrinafiaa

Unyj flgnn fl n.lBntfimiie AftWthBn fT >r<4ncc«^
nmtsmay be bought and scWevairwMidQgFridajc
JtiCEsatri5^ , ivjDl»pi4tehedda2y5n iheietkm

I TO:

I 263

TaMURWJOHNSTONElM-n^

163 HOPE STREET, GLASGOW G2 2UH.
(RegjsteredQffice) ResgsteedmSoofendlfo. 6516Z

“1

cacbaixl retom it lottjeGjaj^as.f^TnenlW'Hl- .
nomri^beuBdewiLhiD sevar wuridng days. '

Kriritatioi»:'n2e$en€] bemadeOT 1 April ajd

pajoltecffil October 1982. ’■ -•

Charges: A596 initial daBgeisnidtalEdtaaieTxiceerf

•; ywEWJsnu’iNVEsr

(MMMOMSW

! n MURRAY AMERICMFl^IDffltheil^ofliErp^®

of 5Dp per unit and enclose a rerrittmcepayaHe to
Minay Johnstone MarcKwnpni Ivmftpd ,

\KE^ The managers have the right to increase the euntsS
management cfiai$eqp to amaxiniutn of»6 ongiving

■ariP tnTT’rn gnkprifol>*mipricTri>»<.

.SJgnaftse(s)

l/Wecifidare flat IamAre are cvarlfii

Lasted, !BHsps®^Ctag^G22Ua.
■3Hqtat£0a22l5G2!.

fMrafa’p Rcmt-Pf P gf VmnPi

@@ Murray

« . taw. I ■ '

v-;

r w -i

-'-ft.’. •■

— • *

•

:*'•* ' *
•vr'-'r'i

:V

A . .

■v ■;* '■

'•yr

*v .• ..v*i for

. • • ••'-j.-v* 1 ; ;

■ v* *.

V? < • ' <*

;.- \j -t v '* ••

‘ -f-V = r‘.'*{- ►

: *- ' , * •

. v v **,

Ar; j

:*r>-

y'—<\

'••vAVi'A

mi

da

ha

TTU

Ar

Financial Times Saturday April 24 ISSST

FINANCE AND THE FAMILY

Index linking and pensions

BY OUR LEGAL STAFF

I am an employee of a company
which has an approved pension
scheme where the employee is
required to contribute 5 per
cent of salary. It is my
Intention to supplement this
by the use of Additional
vohtnlazy Contributions
(AVCs). Would the Inland
Revenue approve these
contributions being paid to a
plan which uses index linked
Government stock as a basis
and if so are there any
insurance companies who
offer schemes of this nature?
The Inland Revenue will not
interfere with the investments
made by an insurance company

in respect of a pension scheme
and therefore an insurance
company is free to invest your
additional voluntary contribu-
tions in index linked gilts.

Your problem at the present
time will he to find an insurance
company that will promise you
benefits related to the return
which it can obtain on invest-
ment in index linked gilts.
Insurance companies generally
have been slow off the mark in
devising annuity and self-
employed contracts which pass
on to policyholders the benefits
of investment in index linked
gilts.

Backdating of rates

In a reply under Backdating of
rates (March 6) you wrote that
it might be that water rates can
be demanded from the date of
occupation, even though the
property was not then in the
valuation list My problem is
that tbe cottage I live in was
rebuilt in 1970 and given its
own water supply. I moved in
daring 1978 and as I received
no demand for water rates for
some time, I got into touch with
the water authority and was told
that I did not have an
independent supply, and should
negotiate with the neighbouring
farmhouse, through which 1
received my rates. I pointed out

this was not the case in
correspondence and an actual
visit, but to no avail and I am
worried lest one of these days
I may get a demand for back
rates. What should I do?

Your better course as to do
nothing, as it seems that the
water authority would be
estopped from seeking to raise
a demand other than for a cur-
rent rating period by their
representation to you tbat the
supply is on the meter of tbe
main farm. You should care-
fully preserve all 'correspond-
ence and notes of your conveT-
saitions -in which you have sought
to clarify the position.

Tax and loan in
the U.S.

I have a loan with a hank in
U.5.A. to purchase U.S. stocks
held by the hank together
with dividends used (partly)
to reduce the loan and interest.
What Is my tax position
regarding (1) Dividends not
remitted to this country. (2)
Capital Cains similarly not
remitted hero. (3) Double-
taxation relief?

Would the position he different
if it were a UJS. brokers’
loan or margin account?

I am resident in this country
and a British subject.

We take it that, as well as being
ordinarily resident in the UK.
you are domiciled in England
and Wales tor in Scotland or
in Northern Ireland). That
being so, your U.S. dividends
and capital gains are assessable
to UK tax, subject to credit for
the 15 percent U.S. tax withheld
from the dividends. No relief
is obtainable in respect of the
loan interest (except possibly,
for 1981-82 and earlier years,
if the loan was made to you
before March 27 1974). The
position would be virtually the
same if you had borrowed from
a broker instead of a bank.

The complex and arbitrary
rules of assessment are to be
found in sections 122 to 124
and 510 of the Income and
Corporation Taxes Act 1970, as
amended. You may like to

consult, say. the British Tax
Encyclopedia or Simon's Taxes
in a local reference library.

Costs of EEC
court hearing

In a recent county court hearing
relating to the non-payment of
a levy imposed by statute, ail
concerned, plaintiff's counsel,
defendant’s counsel and judge
agreed that the matter was
properly referable to the
European Court, thus making a
piece of British legal history-
In this event who meets the cost

of the EEC court hearing?

The person making the refer-
ence to the European Court
would normally have to bear his

or her own costs.

Responsibility for
window cleaner

We have a country house which
is often shut. A window cleaner
comes every week and gives
the windows the once-ovcr.

After he has done the front of
the house in order to get to the
hack lie gets on top of the
garage roof, drags up his ladder
and over he goes. The hack of
the house being done, he
retraces his steps by the same •
method.

Supposing he goes through the
roof and breaks his neck or at
least a leg. Who is responsible?
Would we lie liable for

damages etc.?

It is difficult to predict before
an accident where the respon-
sibility would lie. It my indeed
be shared by virtue of the
doctrine of contributory negli-
gence. You would, however, be
wise to ensure that your house-
hold insurance includes cover
for occupier's liability.

A discretionary
trust

My children have recently
inherited sums of money from
an uncle and a grandmother,
both of which arc to he held
in trust for them until they
attain their majority. My wife
and her brother are the
trustees.

The Inland Revenue have
advised ihem that the trusts
are discretionary ones and the
incomes are Uahlc to tax at
basic rale plus 15 per cent.
V.hat steps, if any. can be
taken to recover the tax (the
children have no other income),
and if the money is Invested
for capital growth or in
“ granny bonds.” would there
he liability to C.G.T. holh
during the life of the trust and
when they receive the capital?
Without knowing the precise
wording of the two wills, we
cannot "be quite sure whether
each trust's income is indeed
chargeable to lax at 45 per cent
i under section 16 of the
Finance Act 1973). but pre-
sumably the trustees are

No legal responsibility eon be
accepted by the Financial Times

for tbe oncers i iven in
columns. All Inquiries will be
answered by post as soon as
possible.

satisfied that tbe inspector is

r * = lf l the trustees* powers enable
them to do so. the solution
( frofti the lax angle) would be
to make discretionary payments
of income to the children,
under deduction of 45 per cent
tax (in accordance with section
17 of the 1973 Act). With the
aid of the trustees’ tax certi-
ficates R185, you could claim
repayment of the tax suffered
on each child's discretionary
payments t assuming that the
total gross equivalent paid to
each child is unlikely to exceed
the basic personal allowance,
each year) or at least a sub-
stantial part of it.

If by chance the trust income
also suffers tax outside the UK.
you should look also at section
IS oE the 1973 Act (and then
perhaps come back to us, with
more facts and figures, for
further guidance).

On the assumption mentioned
in our first paragraph, the
trustees are indeed assessable
to C.G.T.. subject to an annual
exemption limit oE £1.500 for
each of the two will trusts
(under paragraph 6 of schedule
1 to the Capital Gains Tax Act
1979. as amended in 1980).
National savings certificates arc
exempt from tax (under section
34 of the Finance Act 1981).
but are unlikely to be an
appropriate investment, in the
circumstances outlined. As
each child reaches 18. a gain
will be deemed, under section
! 54 of the C.G.T. Act.

Lobbying for bed
and breakfast

CQN&TIONSIWn&CONSUMER ' : fi v . •/ •*%.

round trip trawrf exclusively on B. CALbea^im^na^^^

■ Vtxicsnretmfmmls>6An9fteordnyotllCAUatoertW93l&^

USAcities{Housion.Da8as l SLtx>uts. Atlantal , • *

cor?pl&edt)ek>re-3i3 October 7962.

:fir Seven days free car hire with untim/ted mileage.
Collea car from and return to Los Angeles only. „

Oty extras you pay for are local taxes and optional extras such as
a' , coiksionftenwgewaiw and personal acckient insurance.

'! iekyotiwotM She the car for longer than seven days then highly
competrtiwe rotes witlappfy under the Hettz'America on Wheels
- programme. PLUS exefawe waiver to R CAL passengers on the normal

14 day.gjntppe boohing tequ/renwtts. For kiK details contact your local

" travel agenr or neatest B. CAL office.

British Caledonian and Hertz are proud to announce
they now offer a joint wotldwideFly/Drive service. One . ^
phone call to British Caledonian books your Highland ■ . * *
your car. and from May 2tst that includes Los Angeles. • ' '•
To celebrate. 1000 cars are waiting in LA with the. -.
compliments of Hertz Iqr people who will have enjoyed y ■
our unrivalled in-flight service with two films . and then
saved time and trouble by landing at a separate terminal ■ . ■ . «
in Los Angeles. '

If you want to be one of the lucky 1000 confacf
British Caledonian local sales office or your travel agent . .

-quickly.

IF YOU are still confused about
the implications of indexation
of capital gains tax on your
share portfolio, you can take a
crumb of comfort from the Stock
Exchange. This week Sic
Nicholas Goodison attacked the
way the Government planned
to introduce indexation of
capital gains tax describing the
proposals as “nonsense.’’

In a bid to change the Chan-
cellor's mind the Slock Ex-
change has written a six-page
memorandum outlining the
amendments it would like Jo

see included in the Finance Bill.
These amendments would, the
Exchange feels, vastly simplify
the whole matter while conform-
ing with the spirit behind the
Chancellor's budget proposals.

The Stock Exchange would
like the Chancellor to establish a
base date of April 6. 1981. from
which all capital gains on assets
held for more than a year would
be indexed. This means inves-
tors would have to discorer the
value of their assets as on April
6 19S1 and this would be
assumed to be the purchase or
cost price for capital gains tax
purposes. _ .

Secondly, the Stock Exchange
feels the ending of pooling
arrangements and the separate
identification of acquisitions is
too onerous a burden to place
on investors in return for the
admittedly beneficial gain of in-

dexation. The memorandum
argues that it was unnecessary
to include the bid rules of
identification from the 1 ion
legislation which would- effat
lively put a stop to. bed and
breakfasting shares.

The rule on Gratification
which the Exchange objects to

shares acquired in ’ one' period
will be identified with those sold 1
in that period, ftr the ease of'
shares a ‘'period” refers to <he
Stock Exchange account which
is a two week fecasWalhr
three-week) period - 'daring
which bargaining. in equities £
transacted for settlement ali en
one day (about ten days after
the last dealing day), - -

This hit at the basis off bed.
and breakfasting which involved
an investor selling shares one
night and buying them back
the next day. This .practice -ha*
been widespread and. was. used
as an effective method of estab-
lishing a gain or loss for tax
purposes.

Although the Stock Ex-
change’s proposals would go
some way towards reducing the
complexities of- indexation -of
capital gains, they still leave one
gaping hole. No attempt by the
Stock Exchange . has been made
to persuade the Government
that it is inequitable to index
gains but not losses.

Rosemary Burr

Have Eurocheque,
will travel

THE decision by the clearers to
ban 'the use of existing cheque
guarantee cards abroad from
May 1983 may be a blessing in
disguise. For It has forced the
banks to reconsider The facilities
they offer customers travelling
abroad.

Midland Bank was quick off
the mark with an announcement
that it will -introduce Euro-
cheques ito fill the gsrp left by
withdrawing the facility to use
existing guarantee cards abroad.
Barclays already ^ives its
customers a special overseas
encashment card 4o be used with
their sterling chequebook as
Barclaycard is not acceptable
ou-tside the UK as a cheque
guarantee card.

Lloyds has derided to issue
customers with a Eurocheque
encashment card that can- be
used overseas with their ster-
ling cheques. The bank says
this option is "more practical
and economic for the cus-
tomer." National Westminster
is stall considering what
approach to adopt.

There are several advantages
to introducing the Eurocheque
system. The cheques can be
written directly in local cur-
rency including sterling. They
are acceptable in over 4.5m
retail outlets in 20 countries as
well as at more than 180,000

branches of 15.000 hanks In 39
countries, mostly in Continental
Europe.

in addition, the amount of
money that can be drawn per
cheque is higher than under the
existing system. Each cheque
can be written for the equiva-
lent of £75, since this is Ihe
standard European figure,

Mr John Brooks. Midland's
deputy group chief executive,
says: '“Over 80 per cent of the
I9m UK residents now travel-
ling abroad each year go to
Europe. Our decision to join
the uniform Eurocheque
Scheme will provide Midland
customers with the benefit, of
the best money transfer systems
available on the Continent."

For the moment,- it looks as,
if Midland customers will be 1
the only ones to benefit from
this week’s ban. Barclays, :
which is under no pressure to •
react as it already makes alter- j
native arrangements for custo- 1
mere travelling abroad, says it j
has no plans to introduce Euro-
cheques.

However, if Midland custo-
mers respond favourably to
Eurocheques the other dearera
may face growing pressure to
follow suit..

ON DEPOSIT
AND

ACHEQUE

BOCK?

" , EES! From tfaeTyndall & Co*
Money Fund.

-mr *pron gettop money rales foryour

■pormaTTy he available only to major investors.
Von yortr frmris i mme diately available.

And you have a cheque book feeflitywhich.
Ids you withdraw all or part of your deposit,
simply by writing a cheque.

"Top interest rates andacheque book
facility make a unique combination.

All you need to open a Money Fond
account is a minimum, of &25QO. As an
individual depositor, you benefit from the ; •

higher rates ofintecest obtained fav our / '

r^nlardq^ositofpooled funds. Intercstis.
credited quarteriy ? witliouttasdediKliOQ Of
charges.

ATyndan&Co-lIoneyFuadaccoiintis
ideal fi^privateorQjmpanyjuivesCoiSjlaisd
or smalL Get details today.

"Qffrent pay p nWWh wfl daffy In thc’Bnaorifl'ntnB.

Plessesradirefun details of 1^

Money Fund.

Name ■—

Address— — — — — —

TVndaU & Co. 29/33 Princess Victoria Street,
Bristol BSS 4PF.TeL Bristol Q0Z72) 7322 &

Ldcemedl^theBaj^tf^^dndloldhDfpodts.^

Financial Times Saturday April 24 1982

hi

fast

YOUR SAVINGS AND INVESTMENTS -1

William Hall reports on a problem facing many house buyers

When you can’t get the key of the door

TSB keeps its options open

ITS A NIGHTMARE anyone
moving house must be familiar
with. The removal van has
been blocking the quiet cul-de-
sac in East Grinstead for three
hours, much to the neighbours'
annoyance, and the new owner
anxiously waits for the solicitor
to deliver the key;

Another couple of hours pass
and still no key. Removal men
drift off to the pub and the

owner rings hfas solicitor for
the fifth lime, only to hear that
money has still sxot arrived and
it wall therefore be impossible
to release key that day.

Wife plus children arrive
shortly afterwards tired after
long drive down motorway.
Wife burst into tears, children
throw a tantrum. Removal men
return from pub a little the
worse for wear, and announce
that they are going back to
Liverpool with the van plus
furniture.

The trouble is. that the night-
mare has an element of truth
for too many people changing
house, especially when they are

at the end of a long chain of
conveyancing which must be
completed on the same day. The
money does not turn up on the
day promised, and the solicitor
is z»t able to release the key.

The solicitor blames the bank
for its inefficiency and the bank
blames the solicitor who did not
give them enough warning.

For most people unversed in
the ways of Britain's branch
banking system it is difficult
to understand why it takes six
hours to transfer money from
Potters Bar to Stoke NewiDgton.
But there are cases where this
has happened and woe betide
anyone who does not give his
bank instructions to transfer
money before lunchtime, the
solicitors warn.

For five years the Law
Society, which represents
Britain's 40,000 solicitors, has
been trying to get the banks
to speed up the money trans-
mission service for house pur-
chase. So far with little success.

'Hie banks offer a telephonic
transfer system but when it
involves more than one bank

it limits the amounts to more
than £10,000 and is not keen
to guarantee a transfer taking
place at a set time.

The operation takes time
and because of security checks
involves managers who have to
make telephone mHs. Even
within the* branch system of
one bank, solicitors say it can
take up to eight telephone calls
to transfer funds between two
places. Many banks feel their
managers have better things to
do and thus these transactions
are given relatively low
priority. This explains why
funds sometimes do not arrive
on the day on which they are
supposed.

Whatever the . reasons, the
Law Society has become increas-
ingly concerned about the prob-
lems solicitors and their clients
face in transferring money.

So this week, the Law Society
teamed up with tbs Trustee Sav-
ings Banks (TSBs) to launeb a
new service, known as Speed- -
send, which is designed to pro-
vide a fast and efficient way of
tran&erring money.

The TSBs have most of their
1,300 branches linked up to a
computer and this means that
they can short circuit the other
banks’ telephone system. Pro-
vided the instructions are given
to the local TSB before 3 pro
the funds will be transferred,
normally w ithin minutes and
the next TSB branch will then
ring the other solicitor in the
transaction to say the funds
have arrived.

The other big advantage of
the TSB service is that they are
treating as “ cleared funds " —
bankers drafts, cheques drawn
on a solicitor's client account
or cheques drawn on a building
society. This means that the
money is immediately available
where in the case of a bank
such funds take two business
days to be " cleared " after
arrival in an account — another
impediment to a speedy service.

The big clearing banks are
not particularly impressed by
the new scheme and say that
they can provide just as effi-
cient a service if asked. But the

Law Society says that have yet
to show their mettle. For most
people buying a house is the
biggest investment they ever
make and they cannot afford
mistakes.

The society had suggested
that to get round the delays
banks should be prepared to
accept pre-dated cheques. But
the banks, always on the look-
out for sharp solicitors, said
they neeed to be indemnified
if anything went wrong.

The TSB are anxious to build
up their presence in this mar-
ket. And they have agreed to
shoulder some of the risk al-
though they have said that if
solicitors are merely going to
use the mas transmitting agents
the scheme is likely to be short
lived. It is hoped that solicitors
using the scheme will lodge
reasonable sums of money with
them.

On lawyer estimates that
there are around 2m conveyanc-
ings a year and — at say an aver-
age £20,000 a time — this
mounts up to £40 bn a year in
money transmission business.

I THE TRUSTEE SAVINGS
BANK has shown it is no slouch
with unit trusts. In the 14 years
since the launch of the group's
first unit trust, TSB General,
it has grown to be the seventh
largest group with funds under
management of over £2 50m.

In terms of performance the
group's high flier has been its
five-year-old income trust which
has been among the top handful
of income trusts during the past
few years. The income trust is
managed by Howard Smith, the
man chosen to run the group's
latest addition to its stable, the
TSB Selected Opportunities
trust.

The launch this week of the
Selected Opportunities trust
marks a further step along the
route to broadening the group's
range of trusts to provide a
host of specialised funds. This
process began last September
with the establishment of an
American and a Pacific fund.
One more trust is likely to
emerge before the end of this
year and a further addition is
slated for early next year.

In the past most of the TSB
trusts have been sold direct
from the bank’s branches to
TSB customers. This time, how-
ever, the group is hoping to

UNIT TRUSTS

ROS94ARY BURR

persuade stockbrokers to
spread the word ahout the new
trust. As only 5 per cent of* the
TSB's Gnt customers invest in
the group’s unit trust there is
clearly plenty of scope for
some aggressive cross-selling as
well.

The aim of the new fund is
to maximise capital growth.
Howard Smith, the fund mana-
ger, says he will try and pick
“shares with an above average
prospect cf capital growth.”
These include long term plays
such as growth stocks in the
electronic, electrical and leisure
fields; medium-term holds such
as star performers in unpopular
sectors; and short-term dealings
in companies where specific
events of a price-sensitive

nature occur — such as the
launch of a new product..

Smith is also hoping, subject
to Department of Trade
approval, to dabble in traded
options. He stresses the
strategy on options will be
“ fairly conservative ” and
“ based on the portfolio we
hoid,” The fund may also invest
up to 20 per cent of the cash
in shares traded on the Unlisted
Securities Market together- with
a further 5 per cent in other
unlisted or unquoted securities.

Smith admits the * fund is
“ above average risk and not
suitable for “ first-timers "
without a unit trust holding.
The group’s two other
specialised funds have so far
attracted £400,000 each but -the
TSB will be disappointed if this
new offspring does not rake in
closer to a million.

The fees on the fund arc
standard. There is a 5 per cent
initial fee and an annual man-
agement fee of 3 per cent. _ The
minimum holding is relatively
small compared to the in-
dustry's average at £250. The
initial yield is Mkely to be 4.6
per cent. As the fund will be
managed with capital gains in
mind, the yield is likely to vary
from year to year.

The Association of
Investment Trust Companies

THE INVESTMENT TRUST TABLE

The figures In the column* below are ba«*d
on infonnation mpptied by the Companie*
named, which are member* of The
Asrac Lation of Investment That
Companies. The figures are unaudited.

as at dose of business onMonday 19th April 1982

as at 31st March 1982

lb tal Assets
less current,
liabilities
( 1 )

£ million

Share

Price Yield
(3) (41

pence %

Geographical Spread

Nth.

UK Amer. Japan
«6» (71 • (81

% % %

Gearing

Factor

00)

base =100

Total Return
on NA.V.
over 5 years
to 31.3.82

(in

base =300

as at dose of business on Monday 19th April 1982

aaat3lstMarch 1982

Net
Asset
Yield Value
14) »5i

“n pence

Geographical Spread

Nth7 Gearing

UK Amer. Japan Other Factor

i6J i7l (8) l9' (10)

% % M ^ base =100

Total Return
onNAV

over 5 years
to 3L 3.82
(U)

base =100

VALUATION MONTHLY

Alliance Thist

British Invest. TYust

First Scottish American Thist

Great Northern Invest TYust

. Investors Capital Trust . . .

New Darien Oil Trust

Northern American Trust Co

River Plate & Gen erallnvest Thist. . .
i Save & Prosper Linked Invest 'Dust. .

Scottish Invest TYust

Scottish Northern Invest TYust

Scottish United Investors

Second Alliance Trust

Shires Invest Co

United States Debenture Corporation
RailUe Gifford & Co.

Scottish Mortgage & TYust

Monks Invest TYust

Winterbottom Energy TYust.

Bafliie Gifford Japan Trust

Mid Wynd International Invest TYust
BariogBroa. & Co. Ltd.

’ Outwich Invest TYust.

Tribune Invest TYust! . . . ... .-. . . . . y

Drayton Montagu Portfolio Mhgt Ltd.
Britiah Indust & Gen. Invest Trust. . .

City & Foreign lnvrat Co

Drayton Commercial Invest Co

Drayton Consolidated TYust

Drayton Far Eastern TYust

Drayton Premier Invest TYust

English and International TYust

Montagu Boston Invest TYust

x City and Commercial Invest TYust . .

xDualvestplc.

xFundinvestplc.

xTYiplevostpIc.

East of Scotland Invest Managers Ltd.

Aberdeen Trust

Edinburgh Fund Managers Ltd.

American TYust

Crescent Japan Invest Trust

General Scottish TYust

New Australia Invest TYust

New Tbkyo Invest TYust

Wcmysa Invest Trust

Hectra House Group

Electra Invest Trust-. -

Globe Invest TYust

TYmplr Bar Invest TYust — ........

F&CGroup

Alliance Invest Co...

Cardinal Invest TYnst ..............

F& C Eurotrust

Foreign & Colonial Invent Trust .....
General Investors* Trustees — ....
Fidelity International
j Cystic Fibrosis Research Invest TYunt
Robert Fleming Investment Mngt Ltd.

Capital & National Trust

tTaverhouw* Invest TYust

Cmmcfriani Trust

Hedgeling Investments

Guardian Invest TYust Co,. :

London & Holyrood TYust

London & Montrose Invest Trust . .

I .nndon & Provincial TYust . . .'

Mercantile Invest Trust

Sterling TYunt.

Technology Invest TYust

United British Securities Trust

United States & General TYust Coip.. .
GT Management Ltd.

Berry mist

x Child Health Research Invest Trust. .

GT Global Recovery Invest Trust

GT Japan Invest Trust

Northern Securities Trust ..........

Garlmnre InveslmentMngt Ltd.

xAltifundplr.

Anglo Scottish Invest TYust .......

English & Scottish Investors

Group Investors

London & Garfcmore Invest Trust ....

Ixmdon & Lennox Invest. TYust

Iiondon & Lomond Invest Trust

London & Strathclyde TYust

Meldnim Invest Trust

Gartmnrc Investment(Scntiand)Ltd.

Scottish National TYuat

Glasgow Stockholders TYust

John Gavett& Cn. Ltd.

Border & Southern Stockholders Trust
General Stockholders Invest TYust. . .

Lake View Invest. TYust. '

Stockholders Invest Trust.......... •

Hnnibtu Group *

Buthopsgate TYnst

City of Oxford Invest TYust

Hambros Invest Trust.

xRosediniond Invest Trust

Henderson Administration Ltd.

Witan Invest Co

Electric & General Invest C-o.

GreenfriarlnveBt Co.

Lowland Invest C n. • «

Philip HUl (Management) Ltd.

General & Comnu’mal Inv retTrust. .
General Consolidated Invest Trust . .

Philip Hill Invest. Tnisi ■'

Mmwgale Invest. TYust. .... -
Nineteen Twenty- Eight Invest IrUSt .
Industrial & (.'nmiiieraal Fin- Curpn. Ltd.
London Atlantic In vckL TYust

North British Canadian Invest. C-o

Jvirfy& Sinn- I, id.

Alla ntic Assets Trust

British Asset* Trust • : ■ : *

Edinburgh American Asset* TYust

lndependentlnvesLCb..

Japan Assets Trust

Viking Resources Trust -

Klein wort Benson Investment Mngt Ltd.

. British American & General Trust

Brunner Invest. TYust

Charter TYust & Agency

English & New York TYust

Family Invest Trust

Jos Holdings

London Prudential Invent TYust

Merchants TYust

hazard Bros. & Co. Ltd.

Raeburn Invest TYust

Romney Trust

Murray Johnstone Ltd.

Munay Caledonian Invest TYust ....

Murray Clydesdale Invest TYust

Murray Glendevon Invest Trust

Murray Northern Invest Trust

Murray Western Invest TYust . .......

Rivermoor Management Services Ltd.

Moonride TYust

River & Mercantile TYust

J. Rothschild Invest ManagementLtd.

RITpJc.

Ailsa Invest Trust • 43

Precious Metals TYust 79

J. Henry Schroder Wagg Group

Ashdown Invest Trust 183

BroadstanelnvestTYust.... ... 194

Continental & Industrial TYust ...... 266

TYans-Oceanic TYust 74

Stewart Fund Managers Ltd.

Scottish American Invest Co 131

Stewart Enterprise Invest Co 31

Throgmorton Invest ManagementLtd.
xThrogmorton Secured Growth TYust . 124

Throgmorton Trust 115

■Ibuche RemnantA On.

Bankers' Invest Trust

Cedar Invest TYust

TR Australia Invest TYust •

TRCSty of London TYust

TR Industrial & General TYust

TR Natural Resources Invest TYust . .

TR North America Invest Trust

TRP&cific Basin In vest TYust •. .'

. TR Property Invest TYust

TR Technology Invest TYust. • !

TO Trustees Corporation.

WHiioms&Glyn’B Bank Ltd. *

Atlanta, Baltimore & Chicago. .......

West Coast & Terns Regional

VALUATION THREE MONTHLY
Dundee & London Invest TYust . . .
Lancashire*; London Invest TYust . . .

Oil & Associated Invest TYust

Safeguard Industrial Investments. : . .

Scottish Cities Invest Trust

Scottish & Mercantile Invest Co

Yeoman Invest Trust

Young Companies Invest Trust

Ivory’ & Sim e Ltd.

First Charlotte Assets TYust

North Sea Assets

Morgan Grenfell Ltd.

Anglo-American Securities Corp

North Atlantic Securities Corp

NOTES TO TH K TA RLE

■* Nr. da U.

A Sphl capital Intel tcnpilal share* i.

* Applies Ordinary •‘"A" Ordinary only
<! Dues nut include special dividend.

□ More than one quarter in non-equity investment?.

• More than 20*« in securities ox . other assets
included at dirertnrw' valuation.

*r Adjusted for scrip issue,
ar Adjusted for rights issue.

(a) Cols, 1,3 to 5 Figures supplied by Wood Mackenzie

& Co., members of The Stock
Exchange.

Col. 1 la nearest £lm: Cals. 3 & n to
nearest penny per&harv.

(b) Cola. 1,5 Statistics simulated tn date shown

based on latest valuatici ns supplied
by the companies end rzuidf- available
tn The- Stock Exchange. 'In these
valuations lisU-d siTuritii's are
valued aL mid-market prievs and

friCoLIO

unlisted at directors' valuation. All
reveAue account items are excluded.

(c.(CoI.4 Based on last declared 'dividend or

firm forecast, plus tax credit, to
nearest 0.1 per cent.

(dj Cols. 6 to 9 Percentages of total assets lese cur*
rent liabilities. Currency balances
are allocated to the relevant geo-
graphical sector

feOCoLIO The gearing factor indicate? l he
percentage amount by which the net
asset value per share would ri>e if the
value of the equity assets increased
hy 100 per cenr. Further explanation
is given in the booklet 'Investment
Trust* today'.

(fl Cols. 3. II Priur charges and preference shore
capital deducted wt marker la/ia*:
runvemhle Aucks deemed in tv
uinvrrted; warrant., treated a* n»i
exercised.

INDICES OF FI V E YEAR
TOTAL RETURN

General Tr ust Average
F.T.-Actuaries AU Share
‘Standard & Poors Composite
'Capital International World

"Adjusted for exchange rate changes.
iglCoLll Figures supplied bv AITC Sty

(fl Cols. 5. II

Figures supplied by AITC Statistics
Service, to nearest one per cent. A
mil description of the information
shown in this column is given in the
Investment Thu* Year Book. In
summary, the figures * how the per-
centage changes in the net asset
values over the period assuming that,
dividends paid, excluding lax credit,
were reinvested in the underlying
juwJtsuf the company

EXPLANATORY NOTES

Use of total return statistic* sod care ini nterpretation

TV tote return Aatuuc whidi tdpuU i be ok juwt nrioct for imdnufr. indudme la* credit,
djatribuud during the prnod.c'tiahli'acciaipaiiirjirilliHitMiantlallyalill'en-nlcipitm] pr-^Umtjddividtmd
pdfa-atobrmoeefoiriycain]»>r«dAii«rio<lcfS»e3*f pwndewwdindlaitianaftr endandJiuwnral
cfemmOuers, «hmM envera tnufitnol boll and bwr market in the ruqar nock market*.

Eaditatdrrh0n(lgiireiaii>dkwedliRxnabMea{lMatlVcaBiDMncraMiitorttie|MnMlaii<ireairdtth»
min promt brtwrm cm partknU* detea. Any prPnriar total retain Sum nay thus be affected by
ntrptfooal fetors, operative at either thrboaodatrwKtfae Baal date, which «.«e influencing the atnek
nurkrt generally orasenor of the oiar)icthi«UditliMonipaay was interMled. The teographkaliSsBftu-
UoaiifaparticiilaraaiipcnvhpwtfolwiIiiaifolbrcaiddrnslIiiasnnBarasrslsth'epnforinaiseir.

TOiffetbe total retsmtfatlstic. If used with are, prorideH valuable gnMetDpart.rapavncc'aMdi can
nisi minparisoo of one company with saaUwr. or the nuatmoreni am with other investment media, it

ahotriddsayi be borne in mtnd chat past ner formt nrpiil ant arppMantffHeuKfo In

Tbeuttlieturnstalaaic for n > b t c ap ital crusts l» netm rt auahle with that fa other tBtnpMihabi xam e '
of tVdiflim-iicem tapirs! auiirarn TV sptacnriultrasU hasp tl Before been identiilediiithoTkfcleaiid

are not indtnled la Uw General Trust Avenge mdn figure.

Calculations oFNAV

InofdertoavoidapliAharaBrritttrtaaadlafanlnateOflCBpanihi'hry.theslaristirsBfnetaBaKwdoellaBa :

been caj misled on a mdfana bans adueh ms m lha earn «f a particular aanpan^ -filler from the .
oamspdadiaffixRifMui Animal Report aad Accounta. _

TV art asset value iaodads ted on lbs *mdns concern" bans. » with poor dbanasdedanednuurtet
▼due, so it is betfoved that lUs basis blboioort accepted for comparative purposes.

The j£9?000 million world of Investment Trusts

Iiiv^

-for only £12^0

| The bffidal Investment Trust Year Book contains all ibe fans and figures you need onanmnd 200 member
companies ofthc Association - investmentpolicies, geographical spread of assets, ten year records and capital
S ‘■enretures. fr also indudes a section on iheir raanagerdenK-Tbe Year Book is an essential referencefbrthe
g. pirrvatd investor and the professional adviser.

ft To order your copy or copies simply cut out and send m this coupon with your remittance.

U To: The Secretary, The Associatxou of Investment Trust Companies, FREEPOST, London EC2M.7D.
| fNo stamp required ifposted in the UK).

s Pi case send me copy/ copies ofTTielnvcsBiicnt Trust Year Book| at £15.50 per cops indudnig

I pohcand paddng in the UK. lendosemvchequc/postai order for ff Tnoffo payahtem

The Association oflnvcstmeniTrust Companies.

Name. I Li Address ^ 234

lama private invertor: □ stockbroker □ accountant □ solicitor D banker □ jnsunncelnoker □ lam an Iny tjtmeot Trust ShareholdccD
a ^ _____ ' ' ___ . __ . ' - . - ■ ■ i ja) ease indicate axsappropriale)

. Css.

*T

if

;h

if

ih

i.

Gi

la

si’

to

A:

PE

oc

th

B

B?

ih

•11

us

tl

fo

lie

fn

eh

nr

sh

of

pa

60

5.(

th

vi

Br

de

sc

sit

to

Tli

rn

ov

eh

oil

nc

is:

ar

ni-

ne

Ni

itt

sh

op

U

sit

ou

fOi

Br

as:

bo

tei

Gt

tv

It

De

pe

eu

to

frt

mi

da,

ha

mi

Ai

]

Financial Times Saturday April 24 i5J82

YOUR SAYINGS AND INVESTMENTS-2 TRAVEL /MOTORING

As League football faces its worst cash crisis for years, Terry Garrett
reports on how the investor can help

If your goal is a directorship . . .

TF YOXJ want a seat in the
director’s box at Ashton Gate
next season you had better act
quick. Friday is the last day
to subscribe for shares in BCFC

(1982), the new company
formed in an attempt to save
Bristol City Football Club.
Write a cheque out for £10.000
and you can mingle with the
directors in the guest room.
There is just a little hitch. Other
loyal supporters will have to
part with £150,000 or so in the
next Few days. If not, hopes of
rubbing shoulders with the
chairman are about as good as
a ball over the bar.

The cover on the prospectus
to the share issue is nothing if
not brutally to the point " Now
or never " it proclaims along
with an artist’s impression of a
group of fans waving red and
white scarves — but hold it,
perhaps those are the weekly-
revenue statements covered in
red ink.

The issue is part of an 11th
hour rescue plan launched last
February as the old club
tottered under the weight of
£l}m. of debt. It is a rescue

of football, and not the old
club which has been thrown to
the liquidator. Creditors can
expect 60p or so in the pound,
while eight of the top, and most
expensive, players, are off look-
ing for new jobs.

This is a brand new club
which is asking for money to
buy the stadium.

Before whipping out the
cheque book be aware that in-
vesting in BCFC (1982) is a
bit like giving money to charity.
The prospectus statement that
“The shares may not produce
a financial dividend” is not an
idle warning and the directors'
belief that “ the rewards of top
quality football wiH more than
compensate" can only be left to
the spectators to judge.
With eight players gone and the
team down to a rather youthful
squad (average age 20) a return
to the First Division could be
a long way off.

Bristol’s problems are not iso-
lated. For years talk of the
financial plight of football has
been second only to discussing
the referee's qualifications for
a pair of thick pebble spectacles.

(Gates have halved since the
post-war era and are still falling
while clubs in general have been
overpaying the players with an
abandon seldom seen outside
nationalised industries. Foot-
ball has been living by tend per-
mission of the bank managers
and alarming cash deficits have
been brought to a head in the
winter freeze up.

The plight of Bristol is being
replayed to a greater or lesser
extort right across the country
— a receiver for Hull City, Hali-
fax Town up for sale and a host
of others examining new
revenue methods and cutting
overheads.

Bristol's financial faflore was
compounded by its defeat on
the field. From a First Division
run from 1976 to 1979 the team
fell through the Second in 1980
into the Third In 1981. Gates
fell from 25.000 a week to 5.000
while its team, to a large extent,
was still picking up First
Division wages of £30,000 to
£40.000 a man.

The new club hopes to raise
£650,000 to buy the Ashton
Gate and get things going again.

The directors are putting up
£50.000, a further £300,000 is
expected to come in loans —
£100,000 from a brewery,
£150,00 Otfrom the bank and
£50,000 from local companies ■ —
and £300,000 from the public
share issue.

The issue is split between
Foundation shares, £10.000 or
more and you start getting in
the directors’ box, and suppor-
ters shares where for the £10
minimum one share gets you 10
per cent of a terrace season tic-
ket

The club has churned out
29.000 prospectuses but so far
only £129,000 has been sub-
scribed. just under half way
there. The management has
been promised some big money
next week but the directors are
left sweating.

H the issue fails, which means
all bets are off and subscribers'
money is returned, the club
might still survive. A couple
of wealthy locals have expressed
interest in buying the ground
and leasing it to the club. Yet
nothing Is definite and the roar
of crowds may give way to the
roar of demolition bulldozers.

Where
to look
and learn

BY SYLVIE NICKELS

m

Sweet talking Tate and Lyle

WHO ARE BRITAIN'S best in-
formed pension scheme mem-
bers? According to the National
Association of Pension Funds,
they are to be found in organ-
isations as varied as Tate and
Lyle. Reardon Smith and the
University of York.

This week brought the second
annual award ceremony for the
NAPFs Golden Pen competition
to find the best pension scheme
annual reports. The scheme
was introduced in order to en-
courage NAPF members to
spruce up both the content and
appearance of their annual re-
ports — which for many years
had ranged from the inedequate
to the invisible.

Pension schemes operate
under trust laws which simply
do not provide for the regular
dissemination of information
to beneficiaries. The Wilson
Committee several years ago
called for a pension scheme
Act that would require statu-
tory reporting. But that is not
on the horizon, and in the mean-

Why You Should
Ride New York’s
New Bull Market

Vast Latent Power
Generated by U.S.
Research $Billions

A colossal market ng base is needed
to support the Sb'Rions that U S
technological innovators sour annual)/
imo new-produci research and
develaoment; and when such
expenditures are accelerated during an
economic contraction, subsequent
upside stock-market impact can run
to hundreds of percentage points.
Ultimately, cyclical U.S. innovations
drive properly -attuned growth stocks
uphill in London and Tokyo: and you'll
find weekly Jeffery Letters talking
about the Racals. Wesseys and Nippon
Electrics when appropriate. Basically,
however, w? concentrate upon such
eruptions as a conversion to electronic
mail generation in the U 5 which
could see rotst message transmissions
exploding from 12 million ,n the next
veer to 25 billion by 1390 Computers
lor this protect have been developed
bv Digital Equipment — which spent
nwer S20C million in its latest
quarter on research, development and
new facifiries Growth Strategies
Fund, managed by the Jeffery
organization. w»s buying this rssue
>n the mid "70s the last rime there
vies a data-nerwoMcing scare in
U S markets — gearing up gems to
as much as S2Q per 100 shares wrrtim
two weeks by selling put options
and buying calls while accumulating
shafts. With long term protections
now running to 200 percent,
accelerating upside leverage is
anticipated by the group's Technicians
— who have been achieving similar
preliminary results m rebounding
Issues ranging from Intel (recently
up from $23 to S33) to Paradyne in
the same Retd. H von haven't
started dealing m the U.S. since it
became totally convenient (or U.K
residents to do so. Growth Strategies
Fund is ■ medium already deeply
qeored into the New York resurgence:
and Jefferv reports cover fund _
strategies while providing continuing
guidance in growth, cyclical end
commodity-related markers. Phone
0 f return the coupon lor a semple
letter and fund details.

The Jeffery Letter

i 1

■ Published by Pressmirmer Limited i
* Soita 411. London International ■
I Press Centre. 16 Shoe Lane 1

I London EC4A 3J8. England g

I Tel: 01-629 1248 *

f Gentleman- To explain the emerging f

I bull market and its capital gains ■
potential, please send a cornel'- J

| fnentery Jeffery Lerrer and Growth J
j Strangles Fund details to: j

I Name 1

I I

j Address |

I Telephone I

I I

I .. ... |

r-

■SHARES

■ Venture Opinion ~tt one of tta ■

■ country's faotSng advisory mm
sendees. Send mrfcd! detie m

nf mr afv mnnlh m ■

no

- jJ oflec

i Unity St., Bnszoll.

H ofaBgation, free

time ihe NAPF has tried to fill
the vacuum with a code of prac-
tice and a set of awards. But
what pension schemes choose to
do is very much a voluntary
matter.

The 1982 contest had 150
entries — a few down on last
time, probably reflecting the
recognition by some of the 1981
hopefuls that they were simply
not in the running.

According to Henry James,
director general of the NAPF,
the response has been satis-
factory. “The standards were
certainly higher than last year,”
he says, suggesting that the
reports were much more com-
prehensive. features better laid
out, and were written in less
formal language.

Big schemes could enter in
two categories — formal and
popular — though the judges
complained that it was some-
times hard to decide which class
a report should be put into.
There was a separate category
for small schemes with under
500 members. Although the
emblem of the awards is a

fancy quill pen, winners actu-
ally get a gold-coloured Parker .

The main prize was carried
off on Thursday by Tate & Lyle,
who submitted the best formal
report T & L’s effort was
described by the judges as
“ authoritative, comprehensive
and confidence-inspiring.” The
runner-up, evidently in a very
close race, was Debenhams,
with Reed International, last
year's winner, receiving a
commendation.

stons on average final year's
earnings rattier ttian on an
average of the final three years.
There was also an extra 10 per
cent boost for pensions started
before 1970, which had suffered
severely in real terms from in-
flation.

The small scheme award went
to Reardon Smith, with a com-
mendation for a concise effort
from Che University of York
which was described as "custom
built for its purpose.”

As for the popular category,
the clear winner was the
“ positive, pungent and
personal ” production of the
£11 5m. BICC fund. Entitled
Pensions Special, tins was in
newspaper format, end as well
as detailing the statistics it
carried stories on improve-
ments to the scheme. Last year,
for instance, BICC based pen-

Why has BICC made a par-
ticular effort? Pensions
manager John Dennis says that
it helps to make members feel
it is a good fund, and there is
a need to respond to what other
schemes are doing in the area
of communications.

Until two years ago BICC
circulated a formal annual
report to all scheme members.
Now members have to ask for
toe formal report — a thousand
of which have been printed.
"But very few write in," said
Dennis. The report has been
produced as very much of a
marginal cost exercise — being
edited by an in-house specialist,
and distributed as an inset to
toe co m pany newspaper.

Barry Riley

Choosing the American way

ONE OF the keys to picking
investment winners is getting
the tinting right. While many
people are saying this is “toe
year to buy British,” Murray
Johnstone, the second largest
investment managers in Scot-
land, is propagating toe gospel
of Reagan's America.

Michael Watherston, execu-
tive director, who heads up toe
group’s U.S. activities, has this
week been selling toe virtues as
he sees them of a new fund,
Murray American. This is an-
authorised unit trust aiming at
a combination of growth in
capital and income. The esti-
mated initial gross yield is 4
per cent.

Watoerst-on admits now is not
exactly the right time to plunge
into the U.S. equity market but
argu« “ our hypothesis is that
the UK has already come good.
The U.S. is just about a year
behind toe UK. We think toe
UK market has anticipated a lot
of productivity increases
whereas in toe U.S. they have
not got roun dto thinking about
this yet.”

So what will Murray John-
stone do with toe money it gets
into toe fund? Tbe initial tactic
will be to put a large proportion
into government bonds.

Watherston explains “ the
money will go straight into U.S.
Treasury Long-bonds where
there is a deep discount and toe
yield is about 13$ per cent
Since we expect inflation to be
down to 4 or 5 per cent by toe
end of this year we think these
are a very safe bet.”

Of course, once “ we see
equity opportunities,” Wathers-
ton continues. “ the money will
be switched out of bonds.”
Since the fund. is obliged to pay
out all its income by way of
dividends, this policy may be
modified slightly in order to
avoid an erratic dividend pay-
out.

77115 balance would be
achieved by investing in zero
coupon bonds where toere is no
yield but a higher potential
capital gain. However, at the
moment, the tax treatment of
these bonds for UK holders is
unclear.

When it comes to picking
equities Murray Johnstone
claims to have a unique system
based on wbat it calls “screen
testing.” This method has been
used to back up toe group's
strategy in its 1 3-year-old off-
shore dollar denominated fund
which is invested in the
American market. This fund
has substantially out-performed.

the Standard and Poor’s com-
posite index over the past five
years.

Screen testing involves rank-
ing a share according to its
place on a risk scale of one to
eight and comparing this to its
price/ earnings ratio. Murray
Johnstone has calculated a
matrix plotting risk factors
against price and earnings
ratios. Tbe group will only buy
sbares where there is room for
the price to rise by 30 per cent
in order to bring toe p/e ratio
in line with that on the matrix
for a company with a specific
risk factor.

The munmum investment in
the fund is £500 in the form of
1,000 units of 50p. There is a
5 per cent initial fee and an
annual management fee of }
per cent plus VAT.

With an eye on the current
unsettled international environ-
ment, Watherston sees toe
current Falkland 5 crisis as pro-
viding more grist to his milL.
“ The possibility of another
election in Britain," he argues,
“raises toe possibility of a
return to exchange control in
which case investors in the
American market will get the
chance of receiving the dollar
premium.” •

_ R.B.

Rosemary Burr continues her series

An enterprising start

A COLONEL IN LEEDS
1877 pricked his thumb with the
needle of a sewing machine
contracted blood poisoning and
for his premium of £3 with the
Railway Passengers Assurance
Company, won compensation of
£1,000. The moral of this tale
U obvious, so it will come
no surprise that I learned
in the one-room museum of the
Chartered Insurance Institute
in London’s AMernwnbury.
The room also contains a fine
collection of fire marks of the
land fixed to insured buildings
from the law 17th century
onwards to heLp the company's
fire brigades identify the place
in case of need Formal postal
addresses were rare in those
days and presumably it wouldn't
do to put out the wrong fires.

But that is by the way. The
point is that though the CITs
Museum is not the first to leap
to mind among London’s rich
selection, it is one of countless
specialist collections dotted
about these isles that can
provide some very intriguing
insights into an extraordinary
range of subjects. Some are
the accumulations of long-
established organisations, others
the whims of private collectors.

How about a tombstone
museum, for example? There
is one near Marlborough. Wilts,
collected over seven successive
generations of stonemasons in
the village of Great Bedwyn.
The inscriptions may not be
great literature, but some tell
us a good deal more about toe
departed than tbe terse mes-
sages on modem memorials.

if you are a dog lover or a
pipe smoker you will no doubt
home on to the assemblage of
canine collars at Leeds Castle
(Maidstone. Kent), or the
House of Pipes (Bramber. near
Steyning. Sussex). The dogs
concerned mostly had
extremely aristocratic owners
and there are masterpieces of
craftsmanship, especially of
the metal-workers’ art of
France and Germany in the
17th century. Some of the
pipes show artistry', too. and.
with 35,000 of them, the
museum at Bramber is a
veritable shrine to the art of
producing a puff of smoke.

TF YOU THINK small busi-
nesses are a worthwhile channel
[nr your cash, then the indexa-
tion of capital gains tax com-
bined with the tax relief on
borrowings for investment now
makes the whole proposition
more attractive.

First, you must find a com-
pany which is issuing sbares
which qualify for the business-
start-up relief. This is not as
easy as it sounds as toe. qualify-
ing req uaremen Es are very
rigorous. The basic require-
merits are met by an unquoted
company whir* has set up trad-
ing within the last five years.
Then you buy a stake in excess
of 5 per cent* as there is no tax
relief on your borrowing if
your holding is not above 5 per
cent

TheCGT
balancing act

investment was £13.125. This 1
consists of toe £7,500 which is I
the ntt cost of the shares after {
tax relief on the purchase at 75
per cent plus £5,625 which is
the interest on the loan of
£30,000 at the rate of 3.75 per
cent The actual rate of interest
on toe loan is 15 per cent but
Mr Jones gets tax relief of 75
pa* cent on Has.

To see how it works take the
example of Mr Jones who in
May of this year pays £30,000
for a 6 per cent holding In toe
newly set up Funworks. Mr
Jones borrows toe money to
finance the share purchase and

pays 15 per cent interest on
toe borrowing. The company
pays no dividends.

Mr Jones gets tax relief on
his investment against bis
highest band of income tax
which is 75 per cent. In June,
1987 Mr Jones sells toe shares
for £52.000. As be has held toe
shares for more than five yea-re
there is no income tax claw-
back.

The total cost of Mr Jones's

Assuming inflation is running
at 10 per cent a year, then the
adjusted cost will be £44.000.
If you deduct the indexed cost
from tbe sale price, then the
remainder is £8,000. Provided
Mr Jones has not- used up any
of his annual exemption which
will also have been indexed in
line with toe RPI then he will i
have no CGT to pay on the
transaction.

He has made a net profit oE
£3&S75, Whereas in gross terms
after paying interest of £22-250
he has more or less broken
even.

Sourer Touch* Rail and Co. pro-
vided thm illustration. '

It was also at Bramber that
there originated around the
mid-19th century a display that
is wondrous, grisly or eccentric,
depending on your point of
view, but certainly skillful
whatever else. Now to be
found in the High Street of
Arundel. Sussex, this is Potter’s
Museum of Curiosity, which is
a fair description of the
tableaux depicting such themes
as The Kittens’ Wedding, The
Rabbits’ Village School, etc,
with stuffed animals of extra-
ordinary realism acting out
their varied roles. None, we are
assured, was killed to fulfil) this
destiny.

A rather different aspect of
toe taxidermist's art is to be
seen in the bird room of the
Hancock Museum. Newcastle —
from all accounts a magnificent
display of all aspects of bird life
from flight to pellet-identifica-
tion. It includes a stuffed local
celebrity: a budgie called
*• Sparkle Williams ” some of
whose considerable vocabulary
has been recorded, complete
with Geordie accent for pos-
terity.

Museums devoted to famous
individuals, to toe arts (cultural
and aggressive), to specific
periods of history, are legion
and, in most cases, the venues
well known. Devotees of .lane
Austen go to Alton. Hampshire:
to Gra.ssmere. Cumbria for
Wordsworth: to Ayrshire for
Robert Bums.

But the more recent pre-
occupation with industrial
archaeology has thrown up all
sorts of strange side shoots con-
cerned with the yesterdays of
more or less everyday adjuncts
to living.

At Great AmwdL near Ware
in Hertfordshire toere is, for
example, a Museum of Street
Lighting (open by appointment
only) with an attendant exhi-
bition devoted to the Story of
Light, its earliest exhibit being
a Greek oil lamp from 200 BC.

There is no space ro pursue
this theme abroad, so I will end
with a liule corner of “abroad"
set in some very English coun-
tryside. This is the American
Museum overlooking the green
Avon valley above Bath and
representing probably the best
collection of American decora-
tive arts in Europe. There will
he more than a whiff of
nostalgia here. too. for our
trans-Atlantic visitors, from toe
home-marie cookies and fragrant
herb garden.

Lancia’s Rally: a bid to recapture past sp o r ti n g glories

Turbocharged Turin Show

BY STUART MARSHALL

LANCIA made most news at the
Turin show which opened on
Wednesday. They have three
new models. The most im-
portant is toe Rally, a limited
production supercar intended
mainly for competition use but
also offered as a fairly stark
grand tourer. Other -significant
new Lancias are a four wheel
drive version of toe Delta hatch-
back and the Treri Volumex
with a positive displacement
supercharger.

The Rally's 1995 cc four
cyttnder engine, which also
features a positive displacement
blower, is mounted fore and aft
behind toe seats, with the five
speed gear box overhanging the
rear wheels. Output is 205 hp
and the top speed is claimed to
be 136 mph. It has a tubular
steel fratpe. mainly plastic body
panels, aircraft type fuel tanks
and the purposeful looks of a
military jet

Only 200 of these cars will
be made: 150 of them are to be
sold from next month onwards
to private buyers and competi-
tion teams at about £17.000
apiece.

Tbe Delta turbo four wheel
drive is rather like a scried
down Audi Quatro. Lancia's
engineers developed it from the
standard Delta in only 12
months and it incorporates very
few special parts. With 130 hp
from its 1600 cc engine the
Delta 4x4 does around 115 mph
but Lancia stressed its ease of
driving and secure handling on
slippery surfaces more than its
speed. A number of prototypes
have already been made but it
will not go on sole for toe time
being.

Other makers are rushing to
fir Mirbochangers to boost per-
formance. But Fiat, which owns
Lancia, believes the super-
charger drive directly from ftie
engine— not by its exhaust
gases — is a better proposition.
Turbochargers start to work

only when an engine is turning
over fairly quickly. The positive
displacement supercharger's
benefits arc available at low-
engine revolutions, making a
car much more responsive as
well as more powerful. Other
Fiat and Lancia models, both
petrol and diesei engined, will
be appearing with super-
chargers. as distinct from turbo-
chargers. in ihe fairly near
future.

Rover's turbo diesel 2600
made its debut at Turin. This
102 mph fire-sea ter with an
urban fuel consumption of 30.2
mpg has an Italian VM 2.4 litre
four-cylinder engine, turbo-
charged for 90 bhp and giving
0-60 mph acceleration in 14.9
seconds. There is nothing
spartan about the interior: this
is a senior manager's diesel,
with electric windows, central
locking, walnut door trim,
velvet seats and the rest. About
3000 are expected to be sold
this year, mainly in Italy and
France. It costs under £8.000 in
Italy and could do wonders fur
BL’s share of toe executive
market, where diesels are
carrying all before Them. With
gasoil in Italy half the price of
petrol, it is easy to see why.
An Austin Metro S on the BL
stand is most attractively got
up with £400 of goodies includ-
ing wheel arch extensions! rally
type front seats and all-season
Michel in tyres. It costs lees
than £4.500.

The Innocenti Mini with the
elegant hatchback body styled
by Bor forte is on show with a
three-cylinder engine. De
Tomaso who now owns Inno-
centi, thinks most cars of less
than 1.5 litres capacity will
eventually have three cylinders.
Fiat disagrees. They say the
cost of balancing a three-
cylinder to make it run as
smoothly as a four could be
more than toe amount saved by
eliminating one cylinder. :

The Fial Pan to-, ha, been
seized upon by , Italy* veH
converters who have turned it
into an attractive recreational
vehicle with pick-up bodywork
Another fringe motoriJS
activity is making cw& nroS
□gainst theft Or terrorist attaA
One firm, whicb-^iowod * KaUty
proof car based ' pJJ;
Cam pagnol a. will 1 'ibSoS
the boot on any sajoqh'^ntoa
strongbox. Ideal Jor a-jeWehBrv
talesman. providing'}.*: doeWr
lose the key. . l . ;

A liratfed refftfim’hrVi Alfa
Romeo Sprint YeLoce oalLtd thp
Trophy, finished- fn ..Metallic
grey with a- tradititytud^nod.
.rimmed steering wheeL rwffi be

coming la. Britain. fo * few
weeks’ time, priced
above the standard

YET ANOTHER -veratan of the

Metro appeared this week —
the Vanderi PlaS. _ipximousIy
trimmed and at £4,996, draper
by £155 than the Ford 12 Fiesta
Ghia. which BL reckon is its
nearest rival. Mechanically, it
is the same as the Metro 15 s
and HLS, with a 60 hp engine
giving it a 97 mph maximum
and lively acceleration, with the
promise of 40 mpg economy
and more. •

The Metro Vanden Has is
aimed at older buyers. They
want a very small car because
it is easy to park and doesn’t
cost too much (0 run, but has
the sort of interior they used
to have in the company Raver
or Jaguar they drove before
they retired. The seats are of
woven velvet, a material first
seen the Rover Vandexf .Has. tbe
glass is bronze tinted and the
doors arc capped in walnut
veneer.

One more Metro version is on
Its way — toe warmed-up MH
Metro. Its! price will br
announced early to May.

TRAVEL

HOTELS

V ■ » ■ » J- » 1 -■-> » ■ ■ ■ 1-1 1

i Making a feast of it J

* -Victor Wes- *

J Fora fre-Eowrf Viis atouUmBtertrsanl J
"5 charmingly iriuSratEd booklet on Bus- Jr
.-F afc and Snips tapster wfth our 3b
-k bwfureon indMdual mebEW hofVbys .

-ft tottesebeautiMofcec.wfoarptaooo— jf.

-|C LMhn.SmZ7KL BUSKS. £

.★★★★★***■*:*****★***■

** A*mA**AAAAAA * *j r

- e Remember Paris

• C —Fiona Richmond Sf

■ [ For afr — boovoI this charming and

- C colourful tetwr 10 • trtend to^Hhor

- C with our brochure o» indivittail.

- ( inclusive holidays to thrt boautKul 5^-

■ C city, write or phonn—

•S 71ME OfJ- 2* Chester CfeWi

- C London SW1X7BQ. tKEffKm

■ I Wf ¥ ¥ ¥ ¥ ¥¥■¥*¥¥¥¥ » ¥»

OPEN ROAD MOTORING HOLIDAYS In
your own car to P*rl». Amsterdam.
Bruasels, Bruges. Boulogne. Dieppe.
Rouen. Geneva and Luxembourg. Time
Off. Za. Chester Oose. London 5W1X
78Q. 01-355 8070.

FIRST CLASS AIR TRAVEL AT A
HEALTHY DISCOUNT TO
NORTH AMERICA. MIDDLE
EAST. FAR EAST A
AUSTRALASIA

jcwMteOr t yfcr. 0l ^ g7 ^ fit

St

AUSTRAUA/NZ

immediate seats available on World 1 *
best airlines at LESS than APEX f»r«a
(ub to 50% off economy tares):

Or from Rtn from
SYD/MELB ZjaO SJB5

AUCKLAND £3S5 £730

Ring 01-434 4944:01-405 8956

Rmg 01-434 A94A.-U1-O05 89S6

FOR SPECIAL 1st CLASS FARES ONLY
RING 01-434 4934
REMO TRAVEL
15 Ne»» Oxford Street, WC1
ABTA

GENEVA

RESIDENCE DE FRANCE

4 Avenue d» France
. T«<: 022/31.14.79

B»utilul first-clBsi, nlc-eondlliaiwl
rasidonTial furnished apannunte mrI
studios. Fully oquippod kitchen,
daily maid service.

Weekly and monthly arrangements
Excellent location

HOTEL MONTE VER1TA

CH 6412 ASCONA
Switzerland

TOKYO. Osaka. Seoul. Taipei and Far East.
wMe choice of discount Bights. Brochure,

Jinan Services Travel.

*-437 5703.

EDUCATIONAL

WANTTO SPEAK FRENCH?

You can. through the "TOTAL APPROACH" to French
3 unique 4-week programme on the Riviera
COMPLETE ALL-DAY IMMERSION. ONLY IN FRSUCH: Daily 8.3017.00 With

2 mania, m small groups. Audio-viaual Classes. Language Lab. Practice
Discussion-Lunch 1 Excursion. Lodging in private apartments

Sessions Discussion-Lunch Excursion. Lodging in private „ _
included. For adults. 6 levels: from beginner I to advanced II.

Next 4-week immersion course sorts April 28. Juns 1 and alt yo«r
Veers of research & experience in rhe effective teaching at French to adults
INSTITUT DE FRANCAIS - FTD24

23 Av. Genhrsl -Led arc. 06230 Vlllefranche-«ur-Mer - Tel: {93) 80.86-81

First-class hotel. Termed mow with
bath-shower wreriooking Laha Wsagtero.
Large natural oark. Open-air reswaet.
Swimming seel, tenuis. Regoiw’.we
bus service between, the hotel wd
Ascooa/

Telex: 846 209 CH

COMPANY NOTICES

B.A.I.I. FINANCE
COMPANY N.V.

Bond Issue at USSTOm Flouting Rate
April 1S82-W89

The internet raw appliceWe H> I* 18
■morsel Period which begins on
Apnl 2D. 1982 and. finishes on
October 30. 3982. as fixed hy refer-
ence agent ie: I5*V&'. pw- >nnuw
namely US5401 90 by L UBS5.0W

bond.

BUILDING SOCIETY
RATES

Every Saturday the Financial Times publishes a table;
giving details of

Building Society Rates

on offer to the public

For further Advertising details please ring
01-248 8000 Esin. 3606

S7-«

m

Ws

froi

I

►5

'.T '

S*.f

Financial 'Times Saturday April 24 1982

Li

Check the Facts

Austin Mini
from £2,999

Austni Metro
from £3250

'yj.

Better value Better cars. Better deals.
There’s never been a better time to buy
from Austin Rover.

From the all-round economy of the new
Metro City to the low price and tunning costs
of the new prestige Rover 2000, there’s
better value right through the range
And with the new technology behind the

S letro, and the new

tsador and Rover;
letter and better
Austin Rover dealer
isitiontoshowyou,
trate to you and
u a better car than

omaAu«xinGiJ^M£nwcnY:sii 1 &^ .

Financial Times Saturday April 24

fc®P*JSrn to*

' *PO|gUg^TBt

®SSfo®®L.

CLIFFORDS INN FETTER LANE
CTTY OF LONDON
EXL4

PROPERTY

Lord Astor at home

FinalPhaseof
Spacious New Apartments
For Sale

1,2,&3 Bedrooms from £57,000
to £179,950

* 24 Hour Porterage * High Speed Lifts
* On Site Management/Letting Office

* Telex/Copying Services * Outstanding
Reception Foyer * 100 Year Leases

New Show Hats designed by Jean Price
as featured in Interims Magazine
Open Monday to Fzid&y Ham -4pm Sunday 12am-5pia
Furnished Fists also avafiabte to let

HU Of ARLES PRICE
UK RANT0R&C0

No. l BaicJer Square. London WlXsHG.
01-4932222 (24 tnvKm-191 3J(W

NOW OPEN
SAT.TOam 2pm

' •> ' te 4* .

. ■ , 7 ; •

, •

_ . ' i

’ : 3f;~ ■

A MAGNIFICENT GEORGIAN COUNTRY HOUSE
4 Reception Rooms. 7 Bedrooms. 2 Bathrooms. Part gas-
fired central heating. Garaging for 5 cars. Stabling. Staff
Flat. Walled Garden. Lake and paddocks.

ABOUT 15J ACRES
(CC/695S1)

_ Knight Rank&Rutley

-IvF W 20 Hanover Square London W1R OAH
+}(^ Telephone 01-629 8171 Telex 265384

MONTE CARLO

VILLA FOR SALE

On 3 levels with Solarium
Quiet, Residential area
AOEDI

28 bit. Bd. Princess* Charlotte
Monte Carlo, MC 98000, Monaco
Tel: (93) 50.68.00 - Tlx: 479 417 MC

RESIDENTIAL PROPERTY
ADVERTISING
appears every
WEDNESDAY and
SATURDAY

BY JUNE FIELD

EE. IT A COTTAGE or castle,
selling a home can be a trau-
matic experience. Lord and
Lady Astor of Hever Castle in
3,145 Kent acres discovered
this recently when the pains-
takingly prepared sale-plans of
agents Savills went awry and
were revealed before it was in-
tended.

The operation in -their London
office, supposed to be top secret,
had been code-named “Sullen"
after the original family name
of a former occupier. Sir
Thomas Bullen — father of
Anne Boleyn. ill-fated second
wife of Henry VUE and mother
of Queen Elizabeth I. The leak-
ing of the news of the sale
meant the family had to cope
with various unannounced visi-
tors making their way over the
little wooden drawbridge across
the moat

Gavin, Second Baron Astor 'of
Hever (nephew of Nancy Astor,
first woman member of Parlia-
ment and instigator of the
original Clivedon Set long be-
fore the vicissitudes of the early
1960s). has also had to take a
fair amount of criticism over
the desirability (and worth) of
the castle's contents.

“Please don't say as one
writer did, that some of them
are from Harrods,” begged Lord
Astor, as with his dogs Rhoda
and Bess we walked in the beau-
tiful tranquil gardens of the
moated castle. The place was
bought in 1903 by his American
grandfather William Waldorf
Astor (1848-1919), who became
a British citizen in 1899 and
was created First Viscount Astor
in 1917.

“I don't think we have ever
bought anything there” -says the
64-year-old Lord Astor, who very
much wants to keep contents and
castle together.

Even the contemporary Bon-
sacfc baths have come in for
some verbal disparagement. But
certainly to accompany Henry
VIH's handsome bedroom, with
a washbasin and wc in the ad-
joining tower, what could be a
more fitting (and necessary),
accoutrement than an impres-
sive chair-backed bath with
ornate old-plated fittings?

An what could be more evoca-
tive than the long oak table in
the great hall, where in the
late 16th century a round of
beef and jugs of beer with
bread and cheese would be left
for smugglers coming up from
the coast? Says Lord Astor:
“No questions would be asked
or payment required from the
visitors who might leave a keg
of brandy or a pound or two of
tobacco in return for Heveris
open doors." (For a short period

after Henry VHTs fourth wife
Anne of Cleves, died— she was
granted the estate after her
divorce— the place had become
a house of call for dealers in
contraband).

However eclectic the furnish-
ings, and fabric of Hever. a
fortified farmhouse first owned
by Walter de Heme, and
castellated and generally added
to over a span of some 35
owners, the same compact basic
shape remains of a central keep
pierced by a gateway and
flanked by two square towers.
The approach is over a wooden
drawbridge, under two of the
original three porticullis, the
mechanism in the Armoury on
the third floor. (Go on up nar-
row stairs to the roof, and there
is a tiny secret room in the
thickness of the walls).

The guidebook also reminds
one that the archway entrance
"provided facilities for the occu-
pants to pour boiling oil and to
hurl missiles at invaders.” (To
make sure that friends visiting
never encroached on his
privacy. W. W. Astor built
Tudor-style guest cottages out-
side the castle walls, so that he
could raise the drawbridge after
they had retired for the night
Always security-conscious, his
office on London’s Victoria Em-
bankment had doors with
handles on one side only, which
could be locked simultaneously
by a central controlling
mechanism).

Hever is now almost a self-
contained world of its own,
with its 9-bedroom castle. 114
let service or vacant houses,
cottages and apartments, farms,
and small private stud specia-
lising in Welsh ponies, shoot-
ing. fishing, and an “Olde
Worlde" English “pub" pins
various commercial leisure
amenities that go with opening
the house and grounds to the
public— in all some flOJazo-
worth, plus £3m for the con-
tents according to the joint
agents Savills and Sotheby
Parke Be met International
Realty Corporation for the
property, Sotheby's for the fine
art collection.

You can go along and see for
yourself, either with hoi polloi
daily except Mondays and
Thursdays (£2.50 each admis-
sion to the castle and grounds),
or £220 for the day and an over-
night stay, living like a lord in
one of the elegant guest bed-
rooms, including wining and
dining in the Tudor Suite, with
perhaps a visit from the family
if they are In residence in their
private apartments off the pas-
sage. (Details Christopher
Scott, agent and chief esecu-

^fr^ioiher Briffiarrt r

v f-

ST. MATTHEW'S LODGE 1/ ViS

LONDON JM.W.T

at the Gateway to Centra!

Tel: 431 1122

THE ULTIMATE IN LUXURY
FULLY EQUIPPED READY TO
MOVE INTO TOWN “STUDIOS",

1 & 3 BEDROOM APARTMENTS
PLUS MAGNIFICENT 4 BEDROOM
PENTHOUSE.

FULL LUXURY SPECIFICATION

★ KITCHENS WITH ‘
ZANNUSSI APPLIANCES

★ INDIVIDUAL HEATING

★ LIFT

★ T.V. SECURITY SYSTEM

★ CARPETING & DECORATIONS
TO CHOICE

★ PORTERAGE

★ CAR PARKING

★ LONG LEASES

'TOWN “STUDIOS” from £34,000

ONE BEDROOM from £41 ,000

THREE BEDROOMS from £73,000

PENTHOUSE DETAILS ON

REQUEST

SHOW FLATS OPEN

12.00 a.m. - 6.00 p.m.

SAT/SUN 11.00 a.m. -4.00 p.m.

1 HEATH STREET NW3 6TP

SWITZERLAND

kw-JL

VILLARS LUXURYPROPERTYFOR ftSfeaT

SALE EXCLUSIVELY FROM THE Mj Z

OWNER BUILDERS Wi

One of Switzerland’s most fashionable resorts. Exclusive 1 to 8 IOL.tST*

room apartments in traditional Swiss style buildings. Each chalet

has between 6 to 1 2 apartments only. Individually set in almost >. "

200 acres of lightly wooded alpine parkland. Facing so nth with beautiful v "

views over Mont Blanc and the Swiss and french alpine chains, yet little more ^

than an hour from Geneva International Airport* Designed and built by our 1

own craftsmen. i

SWISS GOVERNMENT REGULATIONS: All are fully met, for sales to foreigners residing abroad. . ,

LEGAL/BANKING REGULATIONS: Mortgages — up to 60% over 20 years; low interest rates.

RENTING: Our associate company provides a full management service.

MONTREUX ON THE SHORE OF LAKE GENEVA. IDEALFOR RETIREMENT. •

ALL YEAR ROUND TEMPERATE CLIMATE.

We can now offer you the finest luxury freehold properties available. First class secure investment for die future;

For full details of all our properties please contact Mr. Christian Marich in London at The Dorchester
Hotel, Park Lane Wl (telephone 01-629 8888) from Tuesday 27th April to Saturday 1st May.

ImrnobllieredeVfflarsSA + SodlmSA
P. O . Box 62, 1884 ViIlars-sur-OI!on, Switzerland.

Telephone: 010 41 - 25/35 35 31.

Telex: 456213 GESE CH

tive, Hever Castle, Edenbridge,
Kent)

The Astors are going to live
on their estate at Tilljprome.
Tariand, Aberdeenshire. Scot-
land. of course, is a good hunt-
ing ground for castles. Glenapp
Castle, BaBantrae, with views
across the sea to Aflsa Craig, is
for sale through Savills'
Edinburgh office and Michael
Bame and Partners, Ayr. This
modernised baronial home has
planning permission for conver-
sion to nine luxury apartments.
O'Neill of Edinburgh has Haw-
thomden Castle in 130 acres at
Lasswade, overlooking the
valley of the river Esk, Mid-
lothian, on offers over £180,000
and Knight Frank and Kutley
is marketing a 15-bedroom
Georgian castle in 34 acres in
the Tweed Valley, used as a
health spa.

A delightful small castle in
20 acres by Hawick. Roxburgh-
shire, designed by Robert
Adam in 1792, recently restored
but requiring further improve-
ment. is for sale on offers near
£75,000 through Bell-Ingram,
Edinburgh, who also have an
impressive 12 th-century castle
by Thor nhill in 142 acres in
ITumfriesshlre, with fishing
rights over about 3i miles of
the River Ni th-
in Gloucestershire. Sir Walter
Raleigh is believed to have
courted Beth Throckmorton at
the Elizabethan manor at Gear-
well, Coleford, near The Forest
of Dean, where an earlier house
dated back to the early 1300s.
Then in the early 1700s the
Wyndham family built a new
residence, Gearwell Castle,
claimed to be one of the earliest
examples of Neo-Gothic archi-
tecture in England, designed by
Roger Morris (1695-1759). who
also created a Gothic castle for
the Duke of Argyle.

The castle prospered until
the early part of the 20th
century, under the ownership
of Colonel Charles Vereker.
Royal Artillery, retired. Mr
Geoffrey Body writes in the
current' guide: “Gardeners
tended the rolling lawns, the
stable block bustled with the
noise of horses and equipment
and in the big house itself the
domestic staff busied themselves
keeping the elegant establish-
ment clean and well ordered.'*
It continued to flourish even
after a- disastrous fire in 1929.
but after the Colonel died in
1947 the place was left to
moulder away, and by 1953 it
was practically derelict; the
roof leaked, the walls were peal-
ing. and floors had caved in.

Then Mr Frank Yeates, who
had been born at Gearwell in

Hever Castle Estate, 3,145 acres outside Edenbridge in
Kent, with rts moated castle, Tudor Village, farms,
houses, cottages and apartments, for sale at 00.5m
plus £3m for the contents. Brochures from

Geoffrey van Cutscnv SaviDs, 20 Grosyenor>Sy
London. W.l. and Edward Lee Cave; Sotbeby l^^
B cruet International Realty Corporation, -> . .. "
980 Madison Avenue, New York 10021, USA, v

The site of Gearwell Castle, in eight acres at
Coleford, near the Forest of Dean, dates back to
Roman times; the present house c 1727, believed to
be one of the earliest examples of neo-Goth ic
architecture in England, a t t r a c ts 20,000 visitors a

year. For sale in the region of £250,000 through
Geffrey Getvoklien, Bernard Thorpe and Partners,
1 Queen*s Circus, Cheltenham, Gloucestershire.
(0242 39202).

1913 (his father was a gardener
on the estate) bought the place
for £3.000. giving up his
successful bakery business in
Blackpool.

Restoring the house from an
empty shell proved a long, hard
and costly job. To raise funds.
Frank Yeates went back to
baking (in Bream), while Still
finding time to work on the
building and gardens. His wife
Alice searched out hesian and
linen to use as a base for
restoring the drawing room
walls. damaged ceiling

ornamentations were remoulded
using gelatine and fibre glass
in the living-rooms, including
the 84 ft library* now the
banquet hall; panelling in . the
dining-room came from the
local vicarage, parquet flooring
from an engineering Arm. and
carpeting from a Government
surplus sale. There "were prob-
lems when connecting up the
Victorian boiler for central
heating though— the weight of
it buckled the floor!

Over the years the whale
family worked on what was now

their ancestral home, the castle
and eight acre gardens were
opened to the public.

' Now with the death of Mr
Yeates, the ll-bedrpom, four
bathroom, castle, two . coach-
man's lodges, stables, ganges,
plus wine bar, tewoom
business. - pets* ■ corner, bird
garden and lake, .is for sale ln
the region of £250,000 through-
Mr Jeffrey Getvoldsen, Bernard
Thorpe and Partners, 1 Queen's
Circus, Cheltenham. Gloucester-
shire.

SAVILLS

HERTFORDSHIRE

Much Hadham 3 mites (4.8 km)
Bishops Stortforcf 7 miles (113 km)

ABOUT 1462 ACRES

Ware 6 miles (9.7 kn)
London 28 mites f4S fcm)

An Exceptional Agricultural and Sporting Estate Incorporating vacant and let farms on Grades 2 and 3 land

3 Vacant Possession terms with 3 Farmhouses. 2 cottages and excellent buildings 816 acres. 2 let terms 416 acres^
Vacant Possession woodlands 183 acres. 3 further Cottages and miscellaneous areas of vacant and let land.
Valuable shooting and fishing in hand. Substantial sand and gravel reserves.

In all about 1462 Acres

For Sale by Private Treaty as a whole or in up to 13 lots
SAVILLS, 20 Grosvenor Hill, Berkeley Square, London Wl. 01-499 8644

AYRSHIRE COAST 15 ACRES

Gtrvan Id miles - Stranraer 16 miles - Ayr 36 miles

GLENAPP CASTLE, BALLANTRAE

with Planning Permission for conversion to nine Luxury Flats

One of the finest examples of a Scottish Baronial home luxuriously
modernised and decorated. The Casilo rands in an elevated position
with views across the sea to Ailsa Craig in a district famed (or its golf
courses, shooting and fishing.

Principal Accommodation: 5 Reception Rooms. 3 Bedroom suites.

3 further Bedrooms and 4 Bathrooms. Together with; 5 Reception Rooms,
16 Bad rooms. 6 Bathrooms. Oil Fired Central Heating Outstanding
Gardens and grounds, 2 excellent Modem Cottages. Up to 150 Acres
may be available.

For Sale by Private Treaty

MICHAEL BARNE 8 PARTNERS, 14 Allowoy Place. Ayr - Tel: 0292 68181
SAVILLS. 46 Charlotte Square. Edinburgh - Tel: 031-226 6861

r ■ own •: > £

£ M-T-

WILTSHIRE

Marlborough 9 miles - Newbury 14 miles
LITTLE BEDWYN ESTATE

920 ACRES I UMG0LHSH1RE/RUTLAND BORDER

67 ACRES

An outstanding Residential, Sporting and Agricultural Estate

Listed Manor House. Manager’s House/ 8 Cottages
1250 ton Grain Storage, 150 Cow Dairy Unit

For Sale by Private Treaty as a Whole

SAVILLS. Wessex House, Whnbome. Dorset BH21 IPS - Tel: 0202 887331
SAVILLS, Roues House, 60 Milford Street. Ssilebury, Wiltshire 6 PI 2BP
Tel: 0722 20422

Stamford 7 mi las - Peterborough Star, on SO mUme (King's Cnar
SO mmuresj ' -

Very fine listed Grade II Seventeenth/Eighteenth Century hounr •
overiooking lakes and a particularly beautiful park, set amM . ‘ .
rolling wooded countryside

4 reception rooms. 8 bedrooms. 6 bathrooms. Staff cottage '
annexe. Palladian stable block. Beautiful landscape gardens ...
with lakes and parkland beyond. 2 cottages. ...

67 Acres

SAVILLS. Spring Hill House. Spring Hill, Lincoln - .Tel: (05221 34691 ' -
SAVILLS, 20 Qrosvftnor Hill, Berkeley Sq, London Wl > Tel: 0M9B.8S44'

BERKSHIRE -ASCOT

98 ACRE

Ascot 3 miles - Windsor 5 miles - M4 6 miles
London Airport 12 miles - London 28 milas

A most luxurious and recently completely refurbished period
house together wtih a first-class compact and adaptable
equestrian training centre with gallops. :

4 sdperb reception rooms, 9 bedrooms. 4 bathrooms, Saif-.-;.
contained wing for relatives. Heated swimming pool.' 3 cottages;
10 furiong gallops. 13 paddocks. 37 boxes and other valuable
modern outbuildings. ,

About 98 Acres

SAVILLS. 20 Grosvsnor Hill, Berkeley Sq. London Wl • Yet: 01-4SS68A4

20, Grosv c nor H i II v Lon don \\ ' 1 X i ) H ( )

Financial Times Saturday April 24 1982

11

Chestertons

DONTBUY ON THE COSTA Da SOL

Until you have seen our resale properties

(many aresoldtully furnished)

WE INVITE YOU TO
Meetou'r representatives from Spain
Seewhatwehaveto offer before you visit

ATAN EXHIBITION OFTHESE PROPERTIES
atthelaraHotel-VWights Lane,
Kensington High Street
Wednesday and Thursday
MayT2th andlSth— Noon-8p.m.

Apartmentsfrom £25, 000. Villasfrora £55,000
lnconjunctionvwtiri GalvezCanero, Puerto Ban us
Forfurther information

Chestertons

1 16 Ken tosgton High Street, London .W8 TRW.
Telephone; 01 - 9 o 7 7244. Telex 5 5 S 20

JOHN D WOOD

HAMPSHIRE - WOOHON ST. LAWRENCE

Basingsrok 5 miles - M3 access 6 miles - Winchester. 18 miles

AN EXCEPTIONAL SMALL ESTATE WITH A'
HNE LISTED CAROLEAN HOUSE OCCUPYING
AN OUSTANDING POSITION COMPLETELY
SURROUNDED BY UNSPOILT FARMLAND

Rno holl, 4. reception 1 rooms, domestic offices, staff sitting room.
cSHer, 6 principal bedrooms and 3 bathrooms, 7 secondary
bedrooms and 2 bathrooms

Oil-fired central heating. Garage block (or S with' staff flat
Attractive formal and woodland garden. Herd tennis court and
heated swimming pool. 2 bungalows and lodga
Range' of tarm/atabhj buildings. Paddocks, woodland and arable

In all about 94 Acres
(Ret. MLD)

3 ST GEORGE'S HOUSE. ST GEORGE'S STREET
WINCHESTSt S02S8BG - TEL: (0962) 83131

e

PETERSHAM HOUSE

NEAR RICHMOND, SURREY

An important and handsome Caro/eon house
' c. 1680 with substantial later additions
Together with tbe Cottage, Stable Block. Tennis Court, etCj
IN ALL 2.78 ACRES
FOR SALE BY AUCTION
Kuitieas previously sold privately)

AS A WHOLE OR IN 5 LOTS
on .Wednesday 19th May 19B2
Joint Auctioneers:

Humberts, 6/8 Lincolns Inn Reids, London WC2
01-242 3121

Hampton & Suns

6 Arlington Skeet London SW1A1RB

01-493 8222

VIRGINIA WATER SURREY

Close to Wentworth Golf Course
93 ACRES

OF PRIME RESIDENTIAL BUILDING LAND

FOR SALE

with' conditional planning consent for forty, .flats in a 2-storey
■ development
Freehold £325,000
■ Further Retells from:

F.L.MERC6R *CO.

• 68/88 HaymsrVftt, London, SW1 r Tel; 01-930 7781

TORQUAY

Lrnt° P .K%?

due South
heated

modem — — — --- -- - - — „ ,

Terrace. Garage. Swimming Pool
£43.000. Funtw information /f ^ TCSWOimis -

29/30 Beet Street, Torquay. TQ1 1B8 - Tel: 0803 2tt02T

Excellent value at offers in excess of

You suite in Paris for
466 dollars* a week.

Votre appaitement a Paris
pour 2800F'par semaine.

lire Wohnung in Paris fur
1098DM*pro Woche.

*valne 1982

CLUB EXPO

Qub-ErpoSJL
1 20, we Ctatttom-snr-Clane TSOIS Paris
Telex 201 SWF. TCLSphone : 554.9243

, FRENCH RIVIERA ;

NICE - Near Promenade
des Anglais

exceptional

INVESTMENT
Whole or. part of 1,530 sq. in.
building. Modern, high class,
perfect condition. 20 apart-
ments, 12 garages, garden,
calm. Private park.

High return possible
Prices: F.Fr. 8,500,000
Owners Verge. 16 Parc Ferber.

06200 Nice, France
Tel. mornings: <93) 8IL28.62;
afternoons: (93) KL25 52

ELTERWATER HALL

LAKE DISTRICT (Gt Langdale)

Beautiful Small Estate (IS Acres).
Finn Resldonco with uottog® (cen-
sent Guesthouse /Private Hole I}.
O.A. El 30.000 Freehold.

THOMPSON, MATTHE WS
Blerthwaite Square/ Windermere

™ 2161 W.1927

BELGRAVE SQUARE, SW1

(deal for Embassy or Company use.
Prestigious 1st floor furnished office
suite comprising 2 offices, kitenon
and bathroom <460 sq <0-
and sec. services available,
tog other with alegsnt penthouse
moisanotte. 3 Beds-, double fjeep’
tion, kitchen, 2 bathrooms end elk.

nso.ro p.w.

See Richardson Properties 581 3385

DEVON — 1 >*7 acres nature with smell
wood & sw»m treat see. 7 mUe* sourfi
of EkcW. Old Darn out no dwelling.
At a whole or l ot*- Clwmberialrp
Brat hors & MKhelmore. l. OgfMrcW
Crcsccm, Cneiw. COS92t 7501 a.

FOR sauB— K lrkiudbrWrtsWrr. GIcnMn.
Secluded prepay, acres orKlno

una. Home, two recmtlon. four bed-
rooms. i»y>n>otn. eioakrepm. earn, jw

sssr

Financial limes. IO. Cannon Street.
London EC*P 4BY.

GUERNSEY own low tawttoa.r— stable
government — Brttiih wav or life. ' For
me^ 1, Settling in Ouemsev" b«H« phj*
1 4 , 0 — choice of homes - from £* 0.000
(tnwinb) - contact- . Lovell i hdjej-
Est/ 1879. Smith S treat. St Peter Port.
TOR Q4St 23*36.

AYRSHIRE - TO LET

NR. KILMARNOCK

To let partially furnished tor a
period end a rent to be negotiated,
a modern and very comfortable
Country House with an easily kept
garden soma three miles from Kil-
marnock end within commuting
distance of Glasgow 22 miles.

3 Reception Rooms. A Bedrooms,
2 Bathrooms. Kitchen, Central
Heating, Double Garage.

Applications IN WRITING ONLX
PLEASE TO:

MICHAEL BARAK & PARTNERS
Chartered Surveyor*

14- Allowny. Place. Ayr. KA7 2AA

CUMBRIA

3.15 acres In -on area of outstanding
natural beauty, between two
national parks, end with - outiino
Planning permission for 16 dwell-
ings. Situated on the outskirts -of
the beautiful village of Orton, and
within a few minutes of the MS
Motorway, this lend, offers e unique
opportunity for' an exclusive
development.

£68300

Full tletails from:

J. L SHAW (HALIFAX) LTD.

Wesigete, Bradford, 8D1 3SQ
West .Yorkshire .

FLDKIlA Lcninw wvi'ir'vi* er * r

ktvIw are erenerty cshibtUon. Own
7(1“ loUuflHie Bank Holiday*. TO. 00
. m ->.00 eon. 43. Conduit Street.
London. Wl 01-439 2626 or 01-434

M^v4 8 hwalwa» “ *

of ofnpfrtiH to rent m . South WcL.

LdndSSTsSw and Berkshire Tel!

aonott sail Telex 0455112.
SPA»Marbclla. C«m Oel-Sel. Detached
villas. 3 bed*.. 2 b*B». Best vaJiiefor
money In Marbtiln. Scj and mountain
view*. Ovality construction, we work
direct*/ SSI At builder. 2-3 . Id I o metre*
SuSTcentre of Mjrtjtf*. DefaMs:

• LM_ Kiiildrew. Se. -Man cjtae .. Wiror-
bourne Wbttcchnrch. Blandferd. Dorset.
"W: <02583 SS07TS.

LEISURE

Those dancing daffodils

GARDENING

ARTHUR HHJLYER

DAFFODILS- have 2 »t on tbe
whole, flowered as freely this
spring as they did last year and
so doubt many gardeners will
be wondering what they ought

to do about it Part of tbe
trouble can he due to over-
crowding which results in the
bulbs becoming starved and
failing to attain sufficient size
to produce flowers. When daffo-
dils are grown in cultivated soil
it is a fairly staple matter to
lift them. when, all tbe leaves
have died down, break up the
bulb clusters and replant the
best bulbs for flowering next
year. Small bulbs can either
be discarded or they can be re-
planted in a nursery bed in
which they can &vw to flower-
ing size which may take two or
three years. This remedy is
nothing like so easy when daffo-
dils are naturalised in grass
and I try to avoid it as much
as possible' because of the
labour involved and the damage
done to the turf.

However, though overcrowd-
ing is undoubtedly one cause of
poor flowering, it is by no means
the only one. I have daffodils
that have been growing in grass
since the late 1930s without
disturbance and yet they have
never failed to make a display,
though better some years than
others. They were particulraly
good last year and are below
par this spring. Quite likely
they will be back to normal
again next year mid though this
may simply indicate that, in an
off year, bulbs have a better
chance to regain lost size, there
are clearly other factors at
work.

One common cause of pom:
flowering is cutting off the
daffodil leaves before they have
died down. Until this happens
the leaves are still feeding the
bulbs and so helping them to
gain sufficient size to flower
again tbe following year. An-
other cause of failure is lack
of feeding and this is much
more likely to occur when bulbs
are naturalised because there
is ai tendency to think of them
as growing wild and therefore
not requiring such attention. In
feet this is a complete misread-
ing of the true situation for
naturalised bulbs are competing
for nourishment with turf and
require more, not less feeding

than bo8>s growing in cultivated
soil.

Experiments in the Royal
Horticultural Society's garden
at Wisley have shown that,
though some varieties suffer
more than others from pre-
mature defoliation, none likes
to have its foZiage cut off earlier
than six weeks after the date
when the last flowers fade.
Gladiolus growers also agree
that six weeks after flowering
is about the right time to re-
move gladiolus leaves and these
two facts might suggest that six
weeks of continued growth is a
good period to allow for all
spring and summer flowering
bulbs. It cannot be applied to
autumn flowering bulbs such as
amaryllis and nerine which
make their growth in different
ways and at different times and
should be allowed to mature
their leaves completely.

Feeding of daffodils, whether
in grass or cultivated beds, can
be done with an ordinary com-
pound garden fertiliser of the
National Growmore type giving
about equal parts of nitrogen,
phosphoric acid and potash
though for naturalised bulbs a
high nitrogen fertiliser might be
even better because of the de-
mand on nitrogen made by
grass.. This is best applied in
February before flower buds
appear but it would be better
to use It now than not at all.

However, although all these
things have a bearing on flower
production they are not the only
causes of irregular flowering.
Flower buds are produced in-
side most spring flowering
bulbs before they start to grow
again in late summer or
autumn. The bulbs must be
sufficiently sturdy to enable this
to happen and, with tulips, the
critical size is said to be be-
tween 6 and 9 ems circumfer-
ence. But temperature can also
be just as important in deter-
mining whether or not flower
buds are formed. For daffodils
it is the temperature between
April and June that matters
since it is then that next year’s
flower buds commence to form
within the bulbs. The optimum
temperature range is 17 to 20
degs, C and looking back at the
spring of 1981 it seems clear
that in many places such tem-
peratures were not well main-
tained. In late spring it was
distinctly chilly .

There is ver y little that one
can do about tins outdoors but
hyacinths and tulips are much
more amenable to artificial
heat treatment since they
initiate their flower buds dur-
ing the summer after their
leaves have died down. They

RACING

DOMINIC WIGAN

CHESS

LEONARD BARDEN

THE OPENING rounds of the
Phillips and Drew Kings,
Britain’s strongest ever tourna-
ment. were distinguished by
high-class chess, capacity audi-
ences at County Hall, and a
promising start by the young
English players. Their results
will please almost everyone,
though I am not so sure about
one venerable chess com-
mentator. His article, pub-
lished a few days after England’s
fine fight against the USSR in
the World Cup, two days after
Nigel Short's draw with Karpov,
and tbe same day that Miles
beat Geller while Speelman had

Karpov on the ropes, “ proved ”

that Britain could not possibly

catch the Russians until at least

the 21st century.

. The fact is that the splendid

English performance in the first

three rounds could have been

better stilL Part of the Karpov
mystique is the world cham-
pion’s near-invincibility with
the white pieces, , yet in this
game the Soviet king is buffeted

around the board until Black, at

the critical moment unaccount-

abl y misse s a simple win.
WHITE: A. Karpov (USSR)!
BLACK: J. S.- Speelman
(England)

Queen’s Indian Defence
(Phillips and Drew 1982)’

1 P-Q4, N-KB3; 2 P-QB4, P-K3: '
S N-KB3, P-QN3; 4 N-B3, B-N5;
5 B-N5, P-KKS; 6 B-R4, B-N2;
7 P-K3, P-KN4: 8 B-N3, N-K5;.
9 Q-B2, BxN ch; 10 PxB, NxB;
11 RPxN, Q-K2. Black’s forma-
tion Is an English speciality,
adopted by both Miles and Speel-
man in the 1980 Phillips and
Drew as well as in other events.

The queen move is more flexible

than N-B3 or P-Q8.

12 B-Q3. N-B3; 13 R-QN1,

The alternative -.and perhaps
better plan is N-Q3-N3 with
P-QR43.

can •then be lifted and stored
quite conveniently and econo-
mically in a controlled tempera-
ture for a few weeks which is
.all that is necessary- For
hyacinths the best temperature
is placed very positively at 25.5
degs. C. For tulips it is said to
be in the range 17 to 20 degs. C,
the same as for daffodils but
several weeks later when tem-
peratures can. be expected to be
higher.

The May-June flowering
bulbous irises have a totally
different time table for flower
bud initiation. They do not start
this until the winter or early
spring, roughly from January
until March and this is true
whether they have been lifted
and stored for a while after
flowering or have been allowed
to remain undisturbed in the
ground. Since the best tempera-
ture for the formation of flower
buds is said to be 13 degs. C
and tbe acceptable range is
from 5 to 20 degs. C there
dmuld be no difficulty with
these irises out of doors in most
parts of the British Isles.

Exception must be made for
Iris reticulata- the delightful
little violet scented iris which
flowers in February and March
and alSQj. I suspect, for other
very early flowering irises such
as f. histrioides and I. dan j or dim
but no scientific work appears
to have been done on these pre-
sumably because they are not as
commercially important as cut
flowers. What is certain is that
I. reticulata behaves like tulips
and hyacinths to making its
flower buds within the little
bulbs during the summer. They
should already be there by the
rime the bulbs are planted to
September and if they are not it
is too late to do anything about
it

Crocuses grow from conns
which do not form flower buds
within themselves in the man-
ner of bulbs. They never seem
to fail, maybe because of this,
and were as'heart wanning as
ever this year in toe London
porks, in many town displays
and to private gardens. A north
country reader writes to tell me
how splendid toe crocus display
was on. toe verges beside toe
A 646 leading into Hebden
Bridge and again on the A6033
southward out of Todmorden
and I know that the same story
could be repeated for many
another roadside. It is enough
to taring all traffic to a stand-
still.

VIDEO REVIEW

Nigef Andrew’s video review will
appear next Saturday.

JUMPING and flat racing
enthusiasts alike will be
descending on Sandown today
for an outstanding programme
which boasts the £30,000 added
■Whitbread and toe only margin-
ally less valuable Guardian
Classic Trial, won a year ago
by Sbergar. In addition to those
races, toe card features the
Group 3 Westbury and toe San-
down Park 2-yeai>old maiden,
which 12 months ago went to
Wind and Wutoertog.

Diamond Edge came good, as
Fulke Walwyn always antici-
pated he would, in last year’s
Whitbread, and the 1 1 -year-old
is sure to jump a warm
favourite to agam win National
Hunt rating's oldest sponsored
prize. With tite fast underfoot

conditions he favours, the
course specialist; who won in
1979, most have bright pros-
pects of surpassing the Whit-
bread - achievements of Lar-
bawn, .who landed this race' in
.1968. and. 1969.

- However, he has no easy task
with 9 lbs more In toe saddle
than in 1981, and, as a further
cautionary’ note, it is worth
mentioning that only one chaser
as old as Diamond Edge, toe
DQder, has landed a Whitbread
in the race’s 24-years’ history.
In what should prove to be an-
other absorbing race for toe
brewery prize — despite a dis-
appointing turnout of only nine
runners — Diamond. Edge's class
should carry him to victory
-ahead of Ireland’s King Spruce.

Now that Electric has been
pulled out of toe Guardian
Classic Trial to wait for Ascot’s
White Rose Stakes, toe Guardian
newspaper’s prize is probably
best left to Peacetime. This
beautifully bred colt by Nijin-
sky, out of Quiet Fling’s dam.

Peace, ran an encouraging race
on his only 2-year-old appear-
ance to finish a '2$ lengths third
behind Ivano in Newmarket’s
Houghton Stakes. Now well
forward and thought ready to do
himself full justice. Peacetime,
wbo did a highly Impressive
piece of work in preparation for
today’s race, can farther bis
claims to Derby consideration
by out-tiassiug Lyphmas.

Turning to Leicester, where
racing is due to get under way
at 1.30 pm, by far the most
interesting event of the after-
noon is toe Philip Comes
Trophy.

SANDOWN
1.45— Super River
2J5— Peacetime***

2.55— Diamond Edge
3.35— Ring toe Bell
4.10 — Cordite Spear
4.40 — Zaynala /

• LEICESTER
L30 — Ridge Heights

2.00 — Jazz Band**

2.30— NoaKo*

BEVERLEY

2.00 — Jorge Miguel

13. ..04-0: 14 P-B5, P-QS; 35
PxNP, BPxP; 16 P-B4, K-Nl: 17
N-Q2, P-KR4; 18 Q-R4, P-R5;
19 PxP, PxP; 20 R-N5, P-B4.

Karpov’s calm style is occa-
sionally unsettled by sharp
attacks, and this is a good
example. White’s queen’s side
offensive develops too slowly, so

Black counters vigorously in the

centre.

21 B-K2. Q-N2; 22 B-B3. P-K4;

23 P-Q5, P-K5! 24 PxN. PxB; 25

PxP (conceding material, but if

25 PxB, PxP the united pawns
win for Black), BxP; 26 RxP ch,
PXR: 27 QxB, Q-QB2; 28 Q-R4,
P-Q4; 29 P-B5, QxP; 30 RxP.
RxR; 31 QxR, R-Nl; 32 P-R4. Q-
R4; 33 K-QL

Karpov's king has to run for
life. The threat was R-N8 ch
followed by Q-R3 ch, winning.

33...R-N8 ch; 34 K-B2, Q-B4
ch; 35 K-Q3, R-QB8; 36 K-K2,
Q-QB1; 37 P-B4.

on Monday Karpov meets
Britain’s two top grandmasters
Miles and Nunn. Hours of play
are 1.15 to 6-15 at County Hall,

London, and ticket prices are £3

(£1.50 after 4 pm). Bill Harts-
ton of BBC 2’s Master Game
gives daily commentaries and
leads audience discussion
throughout toe session.
POSITION No. 420

\mu

V ‘7,s^
it fij.'-:

UUrU

■c

m.U"

m

mn

IDSBi

1 WW 3

mmm

mmm

■■■.-I

IlilUlSB-M

p— ■ i'

pv -■

■M3

i»' i i

m ■

wmm\

V*:

m m

^Btel

■I«

37..;Q-R3 ch ?

Missing his great chance. 37...

R-B7! threaten Q-B5 or Q-R3 ch

and leaves White no reasonable

defence. From here on toe
world champion defends re-
sourcefully to reach a draw.

38 K-BS,. QxP; 39 Q-Q8 ch,
K-R2; 40 K-N2, Q-B3: 41 N-B3,

K-R3; 42 Q-KB8, P-Q5; 43 QxP,

PxP; 44 PxP. Q-B7 ch; 4fl QxQ,
RxQ ch: 46 K-N3. R-K7 ; 47 P-B5,
RxP; 48 K-B4, R-Kl; 49 P-B6,
K-N4; 50 P-B7, R-KB1; 51 N-K3.
K-N5; 52 K-B5. P-N4; 53 K-KB.
K-B6; 54 N-B6. Drawn.

There is still time to visit
this historic tournament, before
it ends on April 30. Today, is
a rest day, but tomorrow and

Polugaevsky . v. Bilek, Busum
1969. White (to move) sacri-
ficed rook for minor piece to
reach this diagram where he
reckoned that 1 BxP would
regain Ms material with in-
terest Black had also aimed
for this diagram and believed
that 1 BxP would be a blunder.

Who was right? This is quite
a bard test of your sk&l in
tactical vision.

PROBLEM No. 4 20
BLACK(6mea)

White mates in three moves
at latest, against .-any defence
(by A. Nagler).

Solutions, Page 14 '

TrTr*T~.\\rr r ri’jvy-'i

Checking up on Calif ornias

i

WINE

Q>MUND PENNING-ROWSELL

THE most publicised “new”
wines to arrive on our scene
in recent years have un-
doubtedly ben toe Catifornias;
and oil essentially without toe
paid promotion and publicity
that normally accompanies the
** launch " of even a single new
branded wine. The reason for
toe widespread interest in them
is toot they have provided
something fresh for journalists
to write about and merchants
to sell. Though for the most
part produced from European
grape varieties, mostly French
and German, they are different
and in general excellent.

As a result, it is difficult
nowadays to attend “a wine
occasion,” given by the younger
generation of wine merchants
and ' amateurs, without being
given a California wine — as
likely as not “Wind.” This is
all part of toe game, to which
there are no objections on my
part. This usually provides yet
another opportunity to shatter
the common delusion that “ ex-
perts” can invariably identify
not only toe wine, the vintage
and the proportion of each
grape variety in toe Wend, but
have a good stmt at toe name
of the nudtre de chai’s younger
daughter.

Recently I have attended four
tastings or lunches devoted to
California wines. The first was
of Clos du Val, a well-known
Napa Valley estate, run by the
son of the late rigisseur of
Ch Lafite. and sold in this
country by Averys of Bristol
and Carton Wines, 2a, Duke
Street, Wl. They were a Merfot
78, Cabemet-Sauvignons 78
and 77, and an example of toe
nearest thing to a native Cali-
fornia grape, a Zinfandel 78.
Ibis last was a very big wine,
whose “ porty ” taste was ex-
plained by its 15 - degree
alcoholic strength. Of tbe others
I preferred toe fruity, soft and

aromatic Meriot which, never-
theless, was 13.4 degrees, com-
pared with an average 12
degrees for a claTet. The
Cabernets, firmer and more
backward, were under 13
degrees, with toe 77 toe more
developed. The retail price of
these wines is between £6 and
£7| a bottle.

Next came a lunch, at Find-
Iaters of Wigmore Street, Wl,
at which were produced four
wines from one of the newest
California estates. Jordan.
This is owned by a mining
engineer of that name, who
struck oil in the Far East and
translated some of the proceeds
into wine. Tbe vineyard was
only planted with Cabernet-
Sauvignon in 1974, and the first
wine shown, 1976. had largely
been made from grapes b ought-
in from neighbours in toe
Alexander Valley, near
Sonoma. Then came the 1977
and 1978. by which vintage toe
wine had come entirely from
tbe estate itself. All were
deep-coloured, rich, fruity,
almost voluptuous wines as
many of these California
Cabernets are. (Tbe two
younger vintages also con-
tained, quite legally, a propor-
tion of Meriot) Jordan is now
also making a Cbardormay and
toe 1979 was opened: a fine
wine with a powerful bouquet
and full, rather strong flavour,
so typical of California white
wines. These are aU expensive
wines, and the 1977, already
available here, is £12.50 but cer-
tainly worth trying.

Then I attended the remark-
able mass tasting of California
wines that Geoffrey Roberts of
8. Dilke Street SW3 organises
each year. There were 87 this
time! . I, concentrating on
certain grape varieties, tasted
about 30; quite enough for
these generally very powerful
wines, even if expectorated. Of
the Cabemet-Sauvignons I
particularly liked the 1978s of
Trefethen, Mondavi and Joseph
Phelps; of tbe Meriots only the
Firestone, as others were add
or just dull. Of toe 1977
Cabernets, toe relatively light

BRIDGE

E.V.C. COTTER

KIT W00LSEY of toe U.S. has
produced a most interesting
book called Partnership Defence
in Bridge, published originally
by toe Devyn Press of Kentucky,
but obtainable now from Biblia-
gora, P.O. Box 7, Hounslow,
Middlesex.

Defence is by common con-
sent the most difficult depart-
ment of the game, and every
player wilL benefit by studying
this book. Let us start with
this hand dealt by West at a
love score:

N.

♦ A7
OQ10 73
O A 8 6 5
+ K43

EL

♦ 84 ' 4632

* <?8fi <?AKJ4

OK374- ■ OQ1032

♦ Q 10 9 52 *87,

S.

♦ KQJ1095

0952

O J

* A J 6

You are sitting East, and,
after a pass from your partner.
North opens the bidding with
one diamond, you overcall with
one heart, and South says one
spade. The opener rebids one
no unKOp. South jumps to four
spades, and that concludes the
auction.

West leads toe eight of
hearts, and year overcall -on a
four-card suft, which is gener-
ally not to be recommended,
seems to have borne fruit. You
make Knave, Ace, and King,
your partner throwing toe club
two on toe third round. You
play your last heart, toe
declarer ruffs high, asd con-
tinues wito his remaining five
trumps. How do you see tbe
situation?

Declarer must have the dub
Ace, so he has nine tricks. You
must place your partner with
the diamond Kang and toe club
Queen — otherwise there is no
way of breaking the contract.
It seems a simple defence— you
guard diamonds, while partner
looks after clubs. But spore a
thought for that partner of
yours — toe position may not

be clear to fthn. He might place
declarer waft-h Queen and
another diamond, and you with
Knave and two dubs. Set his
mind at rest by signalling with
the ten of diamonds, and West
will know that he can afford to
bare bis diamond King. That is
true partnership co-operation.

It is, of course, imperative to
tell your partner the truth by
your signals. For aU that, there
are times when you must
deceive him for the good of the
side. Here is a case in point:
N.

♦ J 10 8

9Q10

O A Q

* K Q 10 7 5 4

W. E.

♦ 95 ♦ A K Q 7 6 3

V 8 5 32 <?J4

b742 0963

* A J9 8 *32

S.

♦ 42

©AK976

O K J 10 8 5

. . * 6 • •

With East-West vulnerable.
South deals and bids one heart,
North says two clubs, and South
rebids two diamonds. North
now says two spades, a wailing
bid, you double to let your
partner know wbat you would
like him to lead. South says
three diamonds. North bids
three hearts, and South goes to
four hearts.

When West leads the nine of
spades, toe situation is not too
healthy. Declarer is marked
with ten red cards, and unless
be has two spades and one club,
you can peck up and go home.
If your partner holds the club
Ace, you can cash three black
winners and lead a third spade
for a possible trump promotion.
But you must let West make his
club Ace before you lead a
third round of spades. If you
don’t, declarer wall simply
throw' away his dub on the
third spade. There is another
snag — if you return your three
of dubs, partner will assume
that it is a singleton. How can
you stop this happening? Just
deceive your partner by winning
the tost trick with the King of
spades, then you return the club
three. West takes has Ace, and
returns a spade, because he
" knows " that declarer still has
the spade Queen. You win, and
now a third spade ensures a
trump trick for the defence.

Mondavi and the big-bodied
Ridge YoTk Creek showed very
well. Going on to toe 1976
Cabernets. Mayacamas was
tannic and should keep, but. of
course, two of toe three Jo
Hertz wines scored heavily: toe
celebrated Martha’s Vineyard
and the more recently planted ,
Bella Oaks. The first had a ;
lovely aroma, though I did not
detect the mint or eucalyptus
that makes it such a favourite |
in California blind tastings. ;
Another big-bodied wine was
toe Mondavi 1975 Reserve. ;

Roberts, with only a whole- i
sale licence, can. only sell in
dozen case lots. The average )
price of his wines is between
£60 and £70 a case, plus VAT,
but the Heitz and last Mondavi
wine mentioned above were
priced at £225 and £195 a case
respectively, plus VAT. Com-
parable first-growth clarets
might be cheaper — but
different

I also sampled some delicious
dessert vines, particularly
Phelps’ Johannisberger Riesling
Late Harvest 1980 (£72.50), as
rich and luscious as a great
German wine, and a Mondavi :
Moscato d’Oro 19S0 (£59.50). as
seductive and grapey a wine as
one could wish for. '

The last California wine
tasting that I have taken part
in was a small one from tbe .
Monterey vineyard of Jekel. It j
included all toe usual Cali- |
fomia range: Chardonnay. Pinot
Noir and Blanc, Cabernef-
Sauvignon and Riesling. All
good, well-made, “ honourable " j
wines, as the French would say. !
and costing from Caxton Wines
under £5 a bottle. But toe out-
standing wine was a special re-
serve Cabernet-Sauvignoa 1978
It was tasted blind against six
other wines, which later trans-
pired to be first growth clarets
of the same year, plus
L6oville-Las-Cases. Not re alising
this, I had taken them for other
Californias, and almost without
exception they were beaten
hollow by this deep-coloured,
very rich wine, with a
splendidly concentrated bouquet
and flavour. It was like tasting
a big Richebourg before claret,
and only toe Latour made much
headway against it, and not
much for me. The retail price
is around £ 10 .

Last year in California I
participated in several very
interesting, enjoyable blind
tastings in which a leading
claret was the (Joker in the pack.

It seldom showed well. Tbe
same applies to California
Chardonnays compared with
fine white burgundies, to toe
somewhat over-publicised blind
“ competitions " between French
and California wines made from
toe same grapes, the latter have
invariably come out easily first.
But as tests of comparative
.quality they are irrelevant
First, toe California wines are
nearly always stronger in
alcohol, and secondly they
develop faster — and, with the
red wines, much faster.

Tbe seductive, rich, round,
flavour of the Cabernets, and
toe strong fruity and often oaky
nose and full, sometimes
aggressive taste of toe Chardon-
nays are _more immediately
attractive. The clarets are more
elegant, reticent and closed-up;
the white burgundies have yet
to show their finesse.

Last autumn, Frank Prial, toe
distinguished former 41 New York
Times" wine editor, posted to
Paris two years previously,
expressed in an article a certain
disillusion with California wines,
of which be had previously been
a fervent proponent.

Understandably, the French,
somewhat dismayed by their
well-advertised contest losses,
were delighted. For Prial now
found some of the Chardonnays
“too aggressive, too alcohoMc,"
and that toe California wine-
makers and their customers were
too tasting-conscious . Some
wines, he suggested, should be
labelled: "This wine was
designed for competition and is
not to be used for family dining.’’
An exaggeration, of course, but
no one who has been to
California can have missed the
spirit of emulation among the
growers, nor fail to be captivated
by their enthusiasm, willingness
to experiment and readiness to
accept criticism. Yet dt is another
matter to proclaim California
wines superior to toe finer
French. They are good and their
producers can often teach some-
thing to toe French from -whom
they have themselves learnt so
much. But they are different—
and not always less expensive,

12

Jlnanda! Times Satoiay April s

BOOKS

— - * n

■ • 'V. ft m- '• ’ _ . • - v-®?"' ^ .

Taking command.

/■

BY NIGEL NICOLSON

Alanbrooke

W4 CoDi »-

Atflrnr Bryant’s prologue to
mis book largely repeats what
be wrote in his own two
volumes, and what General
Sir David Fraser says
eloquently in his. that Alan
Brooke only seemed disagree-
able because he was a mm of
iron and wrote his diary late
at night when he was feeling
Grossest, and that he and
Churchill jointly won the war.

'Hie two authors make these
points insistently, but with a

“ foots alone, were often mentary, appear inconsistent
■ tedious to Churchill. » . . He seems two halves of a man
Alanbrooke’s. was a dls- instead of one whole.

1 sective, Churchill’s a Bat what does this matter
romantic mind.” i when he was strong and brave;

This gives the tone of the so great a patriot, so fine a
book, and its central theme, professional? It is right that
for although it is a full bio- his contribution to victory
graphy, the first 200 pages and should be honoured in this
Brooke's first 58 years form way, when Churchill, in bis
but a launch-pad for the five Memoirs, minimised it; and
years, from Pearl Harbour was not too pleased when
onwards, when Brooke was Bryants rendering of the
CIGS and saw Churchill every Brooke diaries was published,
day. It is a careful, truthful Now General Fraser has got
and fascinating portrait The the balance right
only sloppy part of the hook Brooke was not an imagrna-
is its Index. tive man. He was an executor.

For all the assurances of not an originator. He would

have ordered the

difference. Bryant is rever- these two men that when you never

ential, Fraser critically appreci- got to know Alan Brooke, church-bells to be rung after
ative. Bryant could not have which few did. he was "warm. Alametn. (Churchill did.) Nor

written: “he was admired, amusing and affectionate” was he particularly fruitful In

feared and liked, perhaps in (Bryant)' and “ the most charm- strategic ideas. The central
that order," as Fraser described ing of companions ” (Fraser), British strategy, to delay in-

him In the Dictionary of he was a forbidding man; as vasion of France until we could

National Biography; and Fraser commander, colleague, and he sure of success, meanwhile

ally. (He had the habit of . gaming control of the Mediter-
be ginning a reply, “I flatly ran e an, was Churchill's concept
disagree.")' The reaction “awe” before it became Brooke's,
appears early in the book, and Their joint determination and
in his career. He could be eloquence sus tamed it against
There was only one genius reserved, but to say, with American doubts: Church il l in
in the partnership; Chur chill . Bryant, that “he was almost his private, cosier talks with
It would not have worked so totally without personal ambi- Roosevelt; Brooke in sharp

would be unlikely to call the
Churchill - Brooke alliance “ A
partnership in Genius,'’ the
title of the first chapter in
Bryant’s The Turn of the Tide.

Rob at random

BY MALCOLM RUTHERFORD

well had there been two. tion ” is going a bit far; and, debate with Marshall- On

Alanbrooke: a full biography of the world war two sdtfiw Is reviewed

today '

General Fraser puts it thus:

if true, would have been Pacific strategy; Fraser writes: strategic insight; on the whole for instance, Alexander, for

'It was a stormy relation- actually alarming in the “Churchill’s instincts were be accepted Churchill's domin- whom Brooke had great Hiring

ship. Alanbrooke profoundly senior British soldier of the probably sounder than Alan- ance. He was like a stake sup- but little a dmira tion. Errors in

admired Churchill, yet found Second War. brooke's,” as they were on the porting a vigorous plant which the planning of Tunis, Sicily,

his ideas often unrealistic. In his most private relation- significance of the atom bomb, would have been in danger of Salerno, Cassino and Anzio
his habits of mind irrational ships he was loving to the point It is often said that Brooke kept flopping without it. “The most might have been averted by the

and infuriating, his method of religious veneration; first of Churchill on the rails, restrain- difficult and in a way unsym- Chief's timely advice; and it

of work frustrating and his mother, then of his second ing him from wild sorties like pathetic CIGS I had ever had would not have been resented.

exhausting, and his temper wife, writing to the latter, that on Northern Norway or to deal with," wrote Ismay. Even Montgomery would accept
sometimes vile. . - . Yet he “ It is impossible to live with Portugal, but in fact there were “But the best” a reprimand from him.

Invori hie iwiimim hi. J.-#- . — I u : n 1 _

loved his _ courage, his you without seeing God's few such incidents, and Brooke More surprising in a man who But Brooke was a conven-

humour. his readiness to divine beauty radiating from did not always disapprove of won unquestioned respect and tional soldier (“conservative!”

hpar hll"P hnrrfpns TTm "hie vnll at 1 all timao " -Chic TC nuwa t4.Mii- TVann. (a. WltiaM ..ilianh. * n a „ii. i_i_

authority, and who wag a ecus- General Fraser calls him more
tomed to get his way, is that than once). He controlled more

bear huge burdens. Far his you at all times." This is more them; Dieppe, for instance.

part, Churchill probably embarrassing than impressive. It would be wrong to think of „ _

found Alanbrooke a trying Again, his passion for omi- their relationship as a running Brooke never interfered with than he led. It is for this

subordinate. The latter’s thology, which in another Field battle. Each in his own way his Commanders-in-Chief, reason that his biographer stops

uncompromising negatives. Marshal might be endearing, “laved" the other, and if, in

his bleak resistance to sets Alanbrooke even further moments of irritation. Brooke

cajolery. his practical apart His gentleness and firm- could write that Churchill was
approach, his reliance on ness, instead- of being comple- impossible and had little

regarding it as his main task short of claiming for him an
to defend them against immortal position, like that of
Churchill’s impatience even Marlborough and Wellngton, in
when he thought them wrong; the history of British arms.

‘ Picture Posf editor speaks

BY GEORGE MALCOLM THOMSON

Of This Oar Time:
A Journalist’s Story
1905-1950

“old black art” is never quite neglect family, children, school. Naturally, being the expert heard of this school. Hopkinson

the same again. or emotional life. After all, he journalist that he is, he can was told to close it down forth-

So _ when an outstanding has had three marriages, none tell the story and paint the with. Apparently he ignored

creative journalist, like Tom of them uneventful. The first characters he met during his the veto, hut within two months

set up training centres
own.

....... _ . „ Dismayed by the inferior

life, it is likely that it will above all Picture Poet, the dissatisfied with the training of weaponry of the Home Guard,

Journalism is a trade, like show more of the career and weekly which he edited, and the Home Guard, set up a train- he and his accomplice Tom

any other, but more interesting less of the person- for some years made into a ing centre of his own, manned Wintringham appealed to sym-

than most The man who sue- In fairness, then, it must be British institution. That is the by veterans of the International pathisers in the U.S. The bag

cumbs to the fascination of the said that Hopkinson does not centre-piece of the book. Brigade. When the War Office was varied: Teddy Roosevelt's

favourite hunting rifle, guns

. Trt _ TfnnkinKan- Hutchinson Ho P klnsDn > a man 1110 same to Antoma White, author voyage through the upper the army s
Hutchinson as Christiansen or of Frost in May. reaches of his profession. of its aw

' ^ Cudlipp, tells the story of his But journalism, magazines. During the war, Hopkinson. Dismay*

3 !< S'SP*\

*■■*>&•* :
i'j, u,y.4Mv:,

<v t> ■

pels?

7vr

telex to .... V f
theurs^^

YOU ARE RESPOND! Hfi TO 'Sjff JS^KEET FIGURES.

b; w •

COMPILATION BY ASSE y.f liNKS WORLDWIDE. USING
CENTRAL AND COMMERCIAL t he TOP 500 MILL CONTAIN
?Sl BALANCE SHEET DATA THE TOP J™ lVs , s AHD WILL

SKoBSiiffSri" SSKSSSU JU NC .»■. ,

THC FULL TOP 500 RANK 1 KG ANALYSIS KILL 1 NCLUOE. .

ti* 1 *v ‘ ' '

y..'

y ■ ~Y ?C

Wsftw A'

TOP 5D0 RANKING

t. BY ASSET

•IK ‘“ s " ,s u ,? T ‘ H cc o rm nS™°0M«<:TE D >

INCLUDING

cap’yal^ahd^ reserves •

X TOTAL REVENUE

PR |;I A Lv EAR^NGS ON ASSETS
• J ?r!-TAK EARNINGS ON CAPITAL
5 CAPITAL ASSET «AT‘0

! ?srjurs"««. -

■ ii

SIZE

TOP 100

5 ? Sfpm T L S AK0 RESERVES ’

BY REVENUE

mmm

used in the Louisiana Civil War
of 1873 and. of course, any num-

TheArt of Memwy:

Friends in Perfective . t .

by . Lord Butter. Hoddor" A
Stoughton £755, 175 pages

prestqfiflWy Intended as a rafeer
feEne sketcfc tof - Walter -ItMKfr
ton: “his strength lay iniumaan
relstibnstdpi rtot in feteHect."
The next sentence reads: “He
was later to become Visitor ot

The. late Lord Butler wrote . BaUioL” Ncw. witia the famous,
his main book about politics— Macm i llan-, panse in between.
The Art of th& Possible—& good wtmld hay o bee n qrahe

ten years ago. .What' struck the funny. Bofleir destroyed It all-
reader was the glittering career • &y on: . v '

h»n simvt eviiMtaur^TM! «>ft But I am informed this

ins not foreseen when he was

he had always expected, and the
fact that his principal achieve-
ments— the' India Act of 1935
and the Education Act of 1944
— were behind him by the. end
of the second world war. Yet he
continued to be regarded as a
likely, even .probable future
Prime Minister throughout the
next 20 yearn
The Art of Memory
of postcript a series

A young man, because he did.
. not stand Out paiftctfiariy
among the scintillating: coi-
iection of ubdergraduates who
•- were his friends."

He ' is noUtier - witty - nor
revealing.

’BY GAY FTftTK

NoComebadks:

GoUeeted SJwitStwtes.

by Frederick Forsyth. HnteMCH
son. £595. 255 pages

Formerly a foreign corres-
pondent, Mr Forsyth writes
fiction, not feet, these days; but
he remains more reporter than,
novelist. His prose style is crisp
and even; but not deep;
literate rather than Ktemy.
i singularly detached. Now there

JS* l * wthii wrong with That-

is a kind ™ ‘‘SSPwSU^SS «« characterisation

of eharac- 'SSSJ takes a hack seat Such non*

Here tie is on tne first miusu i -m... »».iiumuiara

ter sketches desicned to demon- ™ '' “ BH,K ™ naIy -

rawtty: “I was at first against

refrained,, callrag them tte eatry to ^

Wiiatev ! r thM. S would have ' on' the

Lord Butler may have had, agric^tmai Annual Price
writing was not^-among them. Reriew.” That from a man who
Indeed, jf this bo trie were the ^ already served at the
evident it wwild be Foreign Office and w*o was sup-
difficult to attribute to him any posed to knew The world,
of the intellectual calibre, charm Ms ambiguity

and wt that we know he pos- (<fe m )erate or accidental?) S
sessea. - . .siaxrpty meanfisgtess.:. For

°ne of the tmsoos he is - exa ^i e , on la^ Macleod: “ He
remembered . affectionately was vaT^not exactly a devout
his habit of makbig simple state- cizristian nor ootfid he be
ments with a slightly cryptic described as a humanist or an
meaning: for instance, Harold agnostic.” What was he? Lord
Macmillan is “ the best Prime ^ers very little in the

Minister we have." It may have way of enlightenment
worked in conversation, but not _ _ „ . . ^
in print Lord Binter emorg^

here snnply ns toe muter at ■ SLSStorth?SiSSwS

is a certain delight tin having
. conclude [he known so many people across
his sketch of the political spectrum . He

banality:

“I will
wrote m

Chips Chaim cm who was once
his PPS at the Foreign office]
“ with my own view of him.
He was far more capable than
he was given credit for; he.
had enormous, talent A 'social

admits to a mutual affinity with
Bevin and records with relish
that Beyan regarded bhn “with
more apprehension than any of
the other Conservative leaders
with whom he had to deal."
catalyst he recorded his per- Yet there 4s also a. touch of
ceptions with originality and vanity about ft which ds not
wit” wholly attractive. - ‘

Perhaps that is the joke: Chan- In the end. Lord Butler
non was worth mo moire than a reminds you of the Cheshire
30 word summing up. But it is- Cat: the - enigmatic .smile
more like a Headmaster’s report .remains, but it is very unclear
than a character sketch. - what, if anything, was behmd
Here be is again in wfcat was it. He kept Ms secrets wefi.

Sir James

BY BARRY BJLEY

; Sir James Goldsmith,

her of gangs lers Tommy gun s. \ The Man and The Mvth
Picture Past designed its own ' ineinan 3110 Ine JM J tn

smith tells him,; adding huB-

crously, “both a peasant and , M

an ariatocrat” He is, sup- i BY JOE ROGALY

tional relationdaips as are per-
mitted to sprout do not develop
beyond the seedling stage.

Forsyth folk 'seem to adopt
masks, as if fearful that we
might spot — behind the stereo-
types — the liveliness of pro-
fessionally human men and
women. i.

But his strength, and his
fans’ satisfaction, is in situation.
In the jaxgun of the pulps, his
situations make superbly “sexy"
stories. Here are ten; three pre-
viously published, seven new
ones; cooL carefully crafted
capsules of murder, deception,
greed, and revenge, in settings
ranging from Mauritius to Nor-
thern Ireland, London to Dublin,
and the Dordogne.

“No Comebacks,” title story
and lynch pin of the collection,
reads like a transistorised
Jackal It is no-less compulsive
reading for that “There are no
Snakes in Ireland” is a virtuoso
piece of cold-blooded brilliance:
enough to make the least
squeamish - of us physically
wince. (Heaven help the
squeamish— and the Irish.) For
mjr money,. "Money with Men-

aces” comes best out of an en-
viably expert bunch. Us irony
is genller, the twist in its tail
more wryly human than we have
come to expect of a writer not
known for giving much of him-
self— much less his heart—
away. .

mortals, to be made in any
garage for £1 18s 6d: “ Powder
taken from fireworks is not re-
liable,” its readers were
warned.

When Lord Keith was sacked
by Churchill in 1942, Hopkin-
son tried to persuade him to
fight back. In vain. A few days
later Keith, known as “ Wuther-
ing Heights" in the Churchill
camp, confided to his diary, I
wasn't feeling at all happy, I
have made such a mess of
everything.”

The latter part of the narra-
tive is dominated by the widen-
ing gulf between Hopkinson and
the proprietor of Picture Post.
Mr (later Sir Edward) Hulton,
who thought his editor was tak-
ing too radical and altogether
too Independent a line.

One of the lesser problems
was that Hulton expected Hop-
kinson. to share his intense
social life — or find substitutes.
One of the latter, David
Mitchell, distinguished himself
by contradicting Anthony Eden
after dinner. For this solecism
he was rebuked by Hulton’s
wife. Nika, a Kussian princess,
who ordered him to ring for
champagne. She added, "But
you won’t know how to open
It. I can see you're not used
to champagne."

"lam quite used to drinking
champagne," replied Mitchell,
“ But I usually have it opened
for me."

For this retort Hopkinson
congratulated him. but sug-
gested he should find a more
suitable career than journalism.
He did.

Eventually Hopkinson . and
Hulton parted following a dis-
pute about the handling of
material relating to the Korean
War (remember?).

Picture Post died and Hop-
kinson found new fields of
labour. Hopkinson believes the
magazine folded because it had
lost its character. Another ex-
planation is possible: its time
was up.

His autobiography takes the
story to the age of 45. It is a
lively account of a vigorous,
honest and valuable life. As
Hopkinson is now 76, there is
plenty of material for a sequeL

by Geoffrey WanselL Fontana g**®* a man who loves bis
( paperback) £1 .95, 222 pages children— but who may not see j

them for weeks ar a time. } Thomas Mann: the making
Q ^ 1Q7 , More than anything else, how- of an artist 1875-1911

In the early part of 1973 ^er. Goldsmith emerges as a '

Timmv roiri«mith was hardline Z"?,*,: w * vaiu "‘“ 4 « “ i fay Richard Winston. Constable,

w rff rrl T hnllxant gambler who plays to 325 pages

Slw^Jfr^talShiS win ‘ Eren as a smaU b^r he 1

devoted much of his time to

British-American Tobacco. Ac-

SiMSAtSEHE

bSd oifa anneoJent Mtta * 1,1 Ws £S - 000 win on a

ffpuXJ SS’SL Kcm “ la,or «

stake in BAT owned by Im- _ ** .

perial Tobacco. It was to be V-K-,T?3J5S ,t v«??S IM ?,, 3 ? 1St
modeUed on the successful K

scheme a year earUer through back on lus inherited fortune

which the Goldsmith company “f SSi' t 7SSF2^ w *Z
Cavenham bought control of those

Allied SuDDli«S after the worked hard t0 up his craft
Aiuea suppliers ,a«er_ roe ^ a businessman, and he learnt

voting righto) from
But the BAT takeover foun-

dered ■ when the Conservative ein ^ ryo Mot h er '

Government refused to allow a ca ^,} >l i5? iess ‘ . . ^ T

contested battle to lake place. ..^2“®®“.®' 051 JamGS

The setback typified the pat- ex 2® ri «?^ e , wa , s

tern of Sir James Goldsmith's ij, w fL t t e

career. In his business dealings 5?i^ itionS

he was often brilliantly success- 1970s which pro-

fuL at least after hell ad learnt • Wlth ^

a few painful lessons in his ° I> Kr 0r ^ lties ,', . .

twenties. But in his relations WanseU makes > decent

with politicians and the Press attempt to _ puft fegeje r Sir
he encountered obstruction and t bus ui ff. 3 i u , a . c ^ a ^ s a ? d

later hostility, to the extent ^ bizarre prrrate hfe involv-
that he has now largely dls- jng separate families in both
mantled his business empires LoU“°n anq Paris. Too often,
in the UK and France and is however, he merely skates over

concentrating upon the sup- V? e - ‘Surface. The reader is

upvil MM2* ■ • - | - ■ . ■ ,

posedly greener pastures o£ the ® lven miprasira, for in-

United States.

Geoffrey WanseU’s stint on
the ill-fated Now} magazine
aroused his curiosity about ills
colourful proprietor. Certainly
there is an extravagant amount
of material available to the bio-
gyapher. Goldsmith grew up
amidst wealthy international

stance, of Goldsmith's immense
capacity for detail, and his use
of complexity as - a financial
weapon.

Important mysteries remain
unexplained: the reason for his
Wilson knighthood, for instance,
or the identities of the other
shareholders in his .shadowy
Panamanian master company,

society as a cousin of the Roths- Lidp SA. As for his personal
childs, became a gossip column life, his attitudes, to- religion
sensation in 1953 on his elope- and" culture are left unexplored;
merit with Isabel Patino (who although related to the Roths-
tragicaily died the next year) childs, he is pictured in a cnl-
and later embarked on a dazzl- tural vacuum, flitting between
ing business career. places Hke Acapulco and Gstaad.

But what makes him tick ?

WanseU is perhaps too im-
pressed by his subject’s em-
phasis on contradictions. "I am
both. French and English, both
a Jew and a Catholic," Gold-

Now he has abandoned Europe,
and all that Is left for Sir James
Goldsmith at . 49, suggests
Geoffrey WanseU, is to become
one of the world's richest men.
Poor chap. •

Scholars will value this
volume, and passionate devotees
of everything Mannian may be
glad to have it; for others it
sadly fails as a result of its
principal limitation, which is
that the author died before he
was half-way through. In 1911
Thomas Mann was only 36; be
was to live until he was 80.
True, he had written and pub-
lished his first— and most-loved
— novel, Buddcnbrooks, in 1901.
and Richard Winston's study
closes with an analysis of
Death in Venice, but as this
book, with its painstaking devo-
tion to orderly chronology makes
plain, Mann's long and fruitful
life cannot be properly under-
stood unless seen whole.

The plan, for the biography
emerged from Winston's work
as co-translator, with his wife
Clara, ' of Thomas Mann's
letters. The result is an
extremely detailed and careful
running-through of all the
evidence, taking every stone
revealed by the letters and turn-
ing it over to examine a link
with the published works. Ttts
does begin to build a picture of
the growing young writer, but
the unalloyed malting of con-
nections is a touch obsessive.

It might be protested that no
other method would do for
Mann, who was above all a
literary reporter. He himself
wrote, “nothing is invented in
Death in -Venice "—it is all
observed — and much- the same
could be said of Buddenbrooks,
a careful reconstruction of his
own family's history. To appre-
ciate what essence is missing in
Winston's unfinished work, one
has only to recall Edgar John-
son’s classic biography of that
more universal reporter,
Charles Dickens, which uses the
same method of piling up the
facts but, by some magic, brings
its subject to life and quickly
makes the reader feel he has
known him vreU,

Posh times aboard the P & O

yr-

BY BRIAN AGER

Rpn^fh the House Fla* ’Which even first-class passen- be the fiite of the merchant Ing in sUly games, concerts and

8613 to obey, were more service. fancy dress competitions to

Of mep&u than compensated for by the Tfce first of these travellers? relieve, the boredom of th*

by- Peter Padfield. H u tc hi nson, food and drink the line tales is set in the timv . before voyage.

£9.95. 147 pages provided. . the opening of the Suez Canal This fa contrasted with ft-

Judging from Peter Padfield’s when part of the journey to modem cndse-Hner, where

rw ' “SfrteSK bookl aJmost tfae <ky fee East was across the desert, .ereryfiting is organised/ much

travelled Port Out, Starboard must have been devoted to The passengers seemed to have on fee lines of (toelmv

Home tetween Bjjjain and eating and drinking. The com- found that this part of fee trip holiday camp . . nntif it £

the Far East held fee P«qfe- p^y invited Intending pas- was more wear&g.fean being reqtnritioned bi t£a rLS

suter and Oriental Steam Navi-- sengers to sample a glass of its cooped up. in. fee shipboard JNavyi . .. . ,, .

gation Company m special claret before they booked their accomodation,, which was Httle Mr Padfield ban nwrfnwrf ■
affection. passage. Mr Padfield has made changed .from that aboard sal- weMustrated soriShSJ

P&O from the early days generous use of diaries keptby lug ships. with a love of fee PAjowXS

took a pride to running a tight passengers and officers, who Then came fee heyday of is perfectly proper foToneSS
th€ . t t0 °fc a fierce pride in the P.& O Hner travd at fee' turn of fee served on - ' its routes t.

' ‘ cdnsldared feemselves to • century, wife passengers ioin-. Australia.' gad New^Zealmid.

.-V.vt-y-Sfcv. - „ . • ’

ship, but
Including an early “ lights out, 1

Ts

r T.- t-..v

'4 -

5 »'

t;.’

r-lci

Financial Times Saturday April 24 1982

HOW TO SPEND IT

by; Lucia' aran' der Post

Put some sparkle into his life

PM NOT quite sure about the
deeper sociological implications
of the matter ((here are
bound to be some, there always
are) but it appears that 1982 is
the year when jewellery for
men is -going to take off in a big
way. Or at any rate that is what
the Diamond and Gold Inform*- '
tion Centres would have us
believe. Both, organisations, of
course, have a vested interest
in the matter so their, judgment
cannot be said to be entirely
objective. Nevertheless they
have teen exceedingly ingenious
in maTring the proposition look
quite attractive.

They’ve done away with all
that awful vulgarity usually
associated with men and
Jewellery — all those clanking
identity bracelets, those gaudy
signet rings, those medallions
nestimg in the chest-hair, not to
mention the odd (usually very
odd) earring— and produced
collections of what might be
called restrained good taste.

There will be some (because
you can’t please all of the
people all of the time) who will
think that restrained good taste
is not what Jewellery is all
about Its prime function
through the ages, after all, has
not been so much to adorn as to
indicate wealth and status and
there's nothing very tasteful
about that.

Be that as it may, De Beers
is quite sure that there must be
a market out there if only it can
be tapped. After ail, it's not as
if jewellery for men is such a
very advanced notion. As far
back as the time of the
Pharaohs it was the men who
wore the really Important
jewels. Indeed, it wasn’t until
Charles I of France gave his
mistress Agnes Sorel diamond
jewellery that diamonds began
to be associated with women —
until then diamonds were a
symbol of power and power, as
we &U know, lay with men.

Henry VII covered himself
with gems of every size and
colour and all those respectable
suburban mothers worrying
about the single earring lurking
in their son’s ear-lobe might feel
better if they reflect that
Charles I himself got that
particular fashion going — he
wore a single pearly earring all
has grown-up lif© ami rumour
has it that. he even wore it going
to the block.

Though the historical prece-
dents for the adornment of men
are Impeccable, something has
been going a little wrong lately
and De Beers felt it was time
it gingered things up a littie
bit (diamond sales, as we ail
know, are not quite what they
used to he). It kicked off in
an admirably stylish way by

persuading some exceedingly
attractive men (most notably
Michael 'White, the theatrical
impresario. Martin Shaw, the
actor and Douglas Hayward;
the tailor) to wear some of
its latest diamond numbers.

In the afternoon light of
Harry's Bar it took a little
while to spot the jewellery, so
discreet and tasteful did- it turn
out to be. Michael White was
wearing the most understated
and elegant 6f tie-pins (at least
that is what I thought it was,
but tbe press release informs
me that it is a diamond set
paper clip) as well as some
matt-black cuff-links with the
tiniest, least vulgar of diamonds

in the middle.

Derek Bell was wearing a
diamond collar bar in the shape
of a “ safety-pin" (very posh
punk) and a ring I wasn’t so
sure I cared for.

Then there were aU manner
of diamond-studded watches,
stick-pins, cuff-links, studs to
enliven bow-ties (is this. Z ask:
myself, a real problem?) and
even a belt quietly adorned
with one sparkling diamond.

I have my personal doubts as
to how essential a role these
will play in most men’s lives
but the market research- done
by the De Beers group' does
stew that beneath, the sober

pinstripe lies -maxgr a man -who
is longing for the woman in fads
life to lavish hhh with diamond
jewellery, but not many of them
were very hopeful of their
chances. -

One steamed up the disap-
polntment. of endless birthdays
and Christmases awash with
ties and socks' when he saad
“ Certainly if something like a
ring was given to me I would
wear it. I would be pleased
although usually I get some-
thing |ike. tools."

Wives it seems are title big
stum Wing block to the greater
adornment of men. This wife
seems typical of many: “I get
something that I think he. needs
ox 1 wont. 1 don't think he is
particularly interested (ie in
jewellery for himself)-"

After- De Beers had done its
bit towards improving the sales
of diamonds the Gold. Informa-
tion Council laid on its own
entertainment designed to
improve the sales of gold. Its
efforts went into persuading
men to buy more gold cuff-links.

Money seemed to have been,
no object and the whole promo-
tion was done with much
pana&e.- Tailors, shirtmakers,
fashion houses, designers and
retailers were all asked to co-
operate in its campaign for
more and better cuff-links and

certainly for those (like myself)
who have never looked into the
world of ’cuff-tioks: so closely
before, itxame as- quite a- revela-
tion to see in hovr many
different shapes, sizes, patterns
and designs they could come.
The only thing they- all bad in.
common was. that none of them
comes cheap.-.

The Gold Information Office
is at least as keen on history as
De Beers and -informs -me that
the cuff-link as we knowit today
was born. in the 13th century.
Louis IX wor© them adorned
with predous and semi-precious
stones in the middle of the 13th
century and- by the time Louis
XTV became the Sun King the
nobflity and the landed gentry
were allowed to wear them, too.

Most people think the reason
cuff-links are no longer quite
so fashionable as once they were
is that fewer men are wearing
the double-cuff . that best sets
them off. However, it is often
possible to buy double-cuffed
shirts even in chain-stores and
they can certainly be worn with
single cuffs, as 'our photograph
shows.

As far as Dm concerned gold
cuff-links have one great
advantage that doesn't apply, to
tie-pins, - diamond-encrusted
belts, signet rings and thp like
— -that is, they all would look

Diamonds far men, as you can see, are nothing new. Shah jehad,
ruler of India from 1628 to 1658, was flaunting them long before

n I i -X

Valiant attempts by the Gold Informa-
n Council to lure men into more elegant
ys (and part with more of their money)
suited m Operation Cuff link In which
handful of leading jewellery designers
re invited to roll up their sleeves and
t their best cuff forward. Above is a
ind-up of some of their offerings,
mongh most people would agree that
(Minks look best on shirts with a
able caff, It is perfectly possible to
ar them in single cuff shirts as the
otograph shows. But for those who do
ink that nothing displays a good cuff-
ik like a classic French cuff Marks and
encer has just produced a range of
irts that sport the double-cuff. In a

variety of colours, sizes 14$ to 17$ they
all cost £7.99 each.

Whether your tastes run. to the plain
and subtle or the outlandish and distinctly
different there is now a wider range of
cuff-links to choose from than ever before
— certainly all of them make a welcome
change from the ubiquitous plastic bottom

From top left clockwise: 9 carat gold
“ bugle” cuff-link, £335 a pair, by Julie
Crossland, shirt by Peter England; 18 carat
gold oval cuff-Unk, £255 a pair, from
Bams den and Roed, shirt by Tern; 18 carat
u bridle gate” cnff-Unk, £520 a pair, by
Geoffrey Turk, shirt by Hilditch and Key;
Krugerrand cuff-link in 18 carat mount,
£666 a pair by David Thomas, shirt from
Austin Reed; 9 carat gold and agate cuff-

link, £210 a pair, by unnstopner wnarton,
shirt from Roeola; 18 carat, gold “ sunny
face” cuff-link, £720 a pair, from De
Vroomen Design. shirt by Van Heusen; 9
carat and enamel “ road to ruin ” cuff-link,
£410 a pair, from Deakin and Francis,
shirt from Szmpson;18 carat gold “flash”
cuff-link, £529 a pair, by. Stephen Maer,
shirt from Marks and Spencer.

In the centre. 18 earat gold “ double
diamond” cuff-Unk, £405 a pair, from
Argenta, shirt from Richard Jones.. For
further details of cuff-links and stockists
contact the Gold Information Office, 30
St George Street, London W1 (TeL 01-499
9201). -

Could diamonds ever be a 'man’s best friend?
De Beers, not surprisingly, would- like to think
so and to this end have devised an endless
number of objects to which a diamond can, at
no inconsiderable cost, be attached. A- selection
of some of the very latest pieces designed with
men in mind is shown above. .

For those who are bored with plain old ball-
points and are prepared to. pay for the novelty,
what about the diamond pen by. Alfred Dunhill
of 30 Duke Street London SW1. Atthe princely
sum of £2,635, it is not the sort of pen yon
could ever afford to lose. Or perhaps you
are one of -those “old timers” who is siek to
death .of the digital watch, preferring instead
the reassuring face of Roman numerals. For
you Alfred Dunhill .has produced a classically-

shaped timepiece encrusted in diamonds, for
£4,415.

Ring wearers can choose from solitaire
diamond settings such as the ring, centre left
by C3G of 12 Tevtlle Gate, Worthing, Sussex,
£345, the centre ring by De Vroomen Design,
£880 and the right Ting by David Thomas, £618.
The diamond cuff-links (bottom right of the
picture) are also by David Thomas, £687. For
a big spender what about these diamond money
clips by GIG (eentre left) the single diamond
is £230 and the pave-sel diamond (right centre)
£540. Finally there's the diamond tie dip from
David Thomas (bottom left) £556 and his
discreet diamond tie stud (far bottom left
corner), £250. More rings for those who find
plain hands boring are to be seen to the left
of the pen — enquiries to De Beers.

i ^\kZO FIV registered office at Arnhem

The annual general meeting of stockholders
will be held on Tuesday 18 May. 1982 at 10.30 a.m.
rn lhe"ForumzaaP of the RAI Congress Center,
Europaplein, Amsterdam.

Faeries for simultaneous .translation into English
are available.

Agenda

2 Report of the Board of Management for the
financial year 1981

3 Approval of the financial statements; considera-
tion of the dividend proposal , ,

4 Determination of the number of members or
the Supervisory Council: appointment of
members of the Supervisory Council

5 Composition of the Board of Management;

determination of the number of members

6 Annual decision concerning issues as required
by the London Stock Exchange*

7 Any other business

• annually recurring agenda item In re compliance
with the requirements of the London Stock
Exchange concerning the listing or Akzo
shares on that stock exchange.

The agenda, the Signed financial statements,
as wen as a list of personal data on the nominees
for the supervisory council are avaitobie for
inspection by stockholders at the Company s
office, Veiperweg 76, Arnhem. _ .

There and through the undermentioned
banks stockholders may obtain free copies of the
aforesaid documents, as well as a free copy or

the annual report .

■ Stockholders who wish to attend tne
meeting should deposit their shares m orderto
establish their identity not later than > Wednesday
12 May, 1982 at the Company's office, Arnhem,
Veiperweg 76, or with one of the following

ban T„ the Netherlands with Algemene Bank
Nederland N.W, Amsterdam-Rofterdam Bank N.V*
Bank Mees & Hope NV, Nederland se Crsdwt-

banfc N.V, Nederiandsche Middensfendsbank
N.V. and Pierson, Heldring & Pierson N.V. In
Amsterdam, Rotterdam, The Hague and Arnhem,
insofar as said banks have branches in these
cities, and with Rabobank Nederland at Utrecht; .

in the Federal Republic of Germany and
In West Berlin with the Deutsche Bank AG,
Deutsche Bank Berlin AG, Bank fur Handel urtd
Industrie AG, Berliner Handels- und Frankfurter
Bank, Dresdner Bank AG and SaL Oppenhaim Jr.
& Cie. in Frankfurt a.M./West Berlin, Dusseldorf,
Cologne, Hamburg and Wuppertal;

in Belgium with Generate Bankmaatschappij
N.V., Bank van Parijs en de Nederlanden Belgie
N.V. and Kredietbank N.V. in Brussels and
Antwerp: . , ,

in Luxembourg with Banque Generate du
Luxembourg S.A. in Luxembourg:

in the United Kingdom with Barclays Bank
Limited and Midland Bank Limited in London;

in Franca with Lazard Freres & Cie. and
Banque National de Paris in Paris: _

in.Austria with Credits nstaK-Bankuerein in

Vienna; ^ ,

in Switzerland with Swiss Credit Bank.
Swiss Bank Corporation, Union Bank of Switzer-
land in Zurich and Basel end their branches, and
atsowith Pictet & Cie in Geneva;

in the United States of America with The
Chase Manhattan Bank N A in New York, N.Y.

Tte supervisory council

Arnhem, 23 April 1982

A

AKZO

MOST picnics nowadays seem
rather mundane affairs — one
catches glimpses of rather limp-
looking white bread sandwiches
and the odd piece of fruit being
consumed in aU those parking
lots that most picnickers seem
to think are suitably rustic
rehues— but Arttce upon a time
they were really quite splendid
events- The tcord, so I learn
from the brochure of a newish
company called Nuttall which
aims to revive the glamorous
picnic, first appeared .in’ Eng-
land in 1800 and referred to a
Society which performed thea-
tricals and social entertain-
ments. By 1802 The Times teas
reporting details of Pic Nic
suppers. Each subscriber to the
entertainment drew lots against

a bill of fare and this obliged
him to furnish t he dish he
drew, which teas then delivered
to the picnic by his carriage
or seranf.

S e r va nts and carriages being
rather thin on the ground
these days NuttdHs arms to
.offer itself instead. Nuttall
will deliver a complete wiBow
hamper with Oil plates, glasses,
cutlery, utensils, salt, pepper,
cocftscrexe, -table linen, food and
urine to the designated place
—jail you need to do is pick it
up at a convenient c oUetlion
point.

The service.- it has to be said,
is not cheap but ft. is Complete.
You pay no deposits, need to
return nothing — you., keep
hamper, table linen tend . the
rest. . The hampers on 'offer
range from the .Royal Ascot
Hamper for 'Six (which in-
cludes poached salmon, fillet de
baeuf-en-croute, galantine of
chicken, stlUon, Bollinger, two
sorts of wine and Green’s
Superior Old Towny Tort) ai
£130 to afternoon tea for four

(eight open sandwiches, in-
cluding smoked salmon, trout
on rye, roost beef; fresh baked
scones, Florentines, coffee and
walnut coke and vacuum flask
of tea) far £2fi. Whatever, the
event, whether equestrian,
equate, musical or sporty,
romantic or ammerctaU Nut-
tall toil l ojffer .a hamper to
match.

Nuttall Hampers is at The
Manor House, Park Road, Stoke
Pages, Buckinghamshire (Tel
02814 5323) . • ^

MORE and -more really good
cheese shops have sprang up
round the country in recent
years but there are still mens
where the load, grocery shop
does not offer much more than
a few standard pieces of
cheddar, some rather soapy-
looking imports and the odd

portion of Stilton -round about
Christmas-time.

Paxton & Whitfield, probably
the most famous cheese shop
in the country, has deci ded-, t o
make its famous cheeses avail-
able to everyone. It proposes to
do this by founding what it
calls the "Paxton & Whitfield
Cheese Club." Each month
members trill receive a selec-
tion Of fire very different
cheeses.

Each piece of cheese will
weigh about 12 az. and each is
carefully wrapped To keep it
in as good a condition os pos-
sible. With the cheeses come
full dolour leaflets explaining
its origins, its history <tnd
manufacture.

The membership is run on
simple lines — no commitment
to join for more than a month
at u time, no signing up for a
year or -more at a time. To
jam - you just send £9 to the
club. This automatically enrols
you. mid you- receive your first
package. Each month’s package
(£9) is accompanied by an
order form far the next selec-
tion with no obligation to cake

it trp:

However, for anybody want-
ing to discover more about
unusml cheese* or simply
wanting a steady supply of
good, interesting cheese, the
dub round* like a good idea.
Write to Paxton & Whitfield
Cheese Club, 93 Jermyn Street,
.London SW1 Y 6JE for further
details.- -

• •

Keen cooks, within reach of
Amersham in Buckinghamshire,
might tike to note that a series
of six pne-day cookery courses
will be held throughout the
summer at • Chemes .‘Manor
House, Cherries,. Rucks. Eliza-
beth and Alistair Macleod

Matthews, whose fondly home
it is, use the profits from the
enterprise to help restore and
repair the beautiful old gabled
Tudor house, once the home of
the Earls-' of Bedford.

All the' sessions are : con-
ducted by top name* from the
world of cookery and all allow
time for tours of the Tudor-
sfyle gardens, the “ physic ”
garden, fke house -and the col-
lection of antique dolls.

Each day begins at 10.15 am.
with coffee, includes luncheon
and tea and costs £20. Each
session is on a Tuesday ( May
25, June 8 and 29, July 13 and
27 and September 7) and each
deals with a different aspect
of food and cookery f from
farmhouse and traditional
cookery by Gail Duff to 18th
century historical cookery by
Michael Smith). All details,
such as which sessions are held
by whom on which day, can be
obtained by writing to Cherries
Manor House. Chenies, Bucks.
Mark the envelope, “Chenies
Manor ' Cookery Demonstra-
tions, 1982."

COWNGWOOD

ofca<iDuirsiEH-

Toniertlherecajiremenbof
Our.intOTafiondl dientebwB

jto pwdhoso antique

and modem pwdbfydso
steward hnhest pnoes
will beoifesiaqurservfca
guarantees carptete privacy
end Jmmscaate payment

4&oSla^LSwvractE
/dvfcnySflNia 014303504

— -f*

13

LITTLE

HAS

CARPETS

AT

MAGIC PRICES

F or two weeks
Liberty is show-
ing an extraordinary
collection of hand-
made all wool carpets
and rags from Agra*
As a result of clever
negotiation the qual-
ity and prices are
quite astonishing.
Choose from a vast
selection of classic
designs and carry off
a magic carpet at a
bewitching price.

r c nnpluc Normal Magic

Price Price
6'x4* Carpet £305 £199
6 'x 2' Runner £149 £99
3'x2'Ru ff £74 £49

14

Financial Times Saturday April 24 1982T

i

V
V*

ir

o

V
•'r

a

i;

ji

i’

>e

.-f

if

h

if

!fi

S:

Ft

fa

Si

1

Gl

la

si-

X

to

As

pf

?1

ne

th

E

B:

th

.-.t

tl

:o

tic

fn

ch

m:

rfi

or

pa

*0

5.f

tii

wi

Bt

dc

sc

sir

to

t:i

ov

ci'

eil

J!C

is:

ar

m:

nc

N'

ii*

sh

op

U

stc

ou

'os

3r

as:

bo

tei

Gr

tv

It

Dt

pe

eu

id

fn

mi

da-

ha

im

At

]

ARTS

Everybody 9 s world

BY B. A. YOUNG

On Wednesday, Radio 4
launched what looks like an
important new feature, A
World in Common. This eight-
part series will deal, as its
name suggests, with the mutual
relationships of the richer and
the poorer parts of the globe,
conveniently called "the
North ” and “the South"
though the first witness to
speak, the King of Nepal, rules
north of the crucial line.

The introductory programme
did no more than expound what
the situation was that had to
be discussed. What is meant by
"poor?” We heard a Scots-
woman, barely able to pay for
domestic essentials, indignant
at having to wait sis months
before Social Security provided
her with bunk beds for her
sons. I have seen Bushman
women (Bushwomea, as I sup-
pose Roget now calls them) who
must walk miles to fill a can
with water and carry it home,
home being a leaf-sheltered
space. What is meant by
“ need? ” A Bangladeshi
speaker said that Asians regard
aid as repayment of the wealth
looted eariier by the already
wealthy. A Tory MP and
President Reagan both thought
that the real need was to ensure
an efficient industry at home.
Daniel Snowman is the producer
of the series, and William
dark, late of the International
Bank for Reconstruction and
Development, its adviser.

Two and a half hours of
Shakespeare on Radio 4 on
Thursday, not one of those old
plays but a documentary account
of his life, sort of. More is
known about Shakespeare than
the dates of his birth {more
-or less) and death and the name
and address of his wife, and I
cordially commend a book
called William Shakespeare: A
Documentary Life, by Prof S.
Scboenbaum. which even con-
tains photostats of most of the
contemporary documents con-
cerning him. No such detail in
I, Wittiam Shakespeare, by John
Wilders and John Powell, a
documentary of a different
breed which seeks only to
emphasise facts with relevant
quotations.

As such life-stories often do,
it begins on the deathbed, where
oar 52-year-old poet recalls his
career and dictates 'his will
“Hey, the doxy over the dale!"
carols a boyish voice to a tune
I used to know as “Caleno
custure me," and in a moment
we are poaching at Oharlecote
and singing “What shall he have
that killed the deer?” For the
principle is that everything in
Shakespeare’s life is recorded in

his works. “What a piece of
work is a man"— nothing to do
with Haml et, but Shakespeare’s
reflections on his father John.
As Heminge and Condell said of
the Bard, what he thought, he
uttered.

So we ran briskly, and I am
afraid rather superficially,
through that wonderful Ufe,
and every event gives birth to
its quotation, by Shakespeare
or one of his contemporaries.
“Relevant," I said just now,
and that is the trouble; they
are relevant in subject, but
when you can place the quote
you start on an irrelevant train
of thought. Plague doses the
playhouses in 1592 : “ Alas, poor
country, almost afraid to know
itself ! " But we ah know that
Macbeth, not the plague, made
ft so, and a different country
anyway. I was reminded of
some less serious concordance-
drama by Paul Dehn. Be has
the Elsinore Gravedigger talk-
ing with Joliet’s Nurse :
GRAVEDIGGER: Give me to

drink mandragora.

NURSE : I have it not, not

poppy or mandragora.

Wouldst drink up eisel? Eat

a crocodile?

GRAVEDIGGER : What manner

of thing is your crocodile?
NURSE : A morsel for a

monarch.

And so on. All the same,
this was an entertaining exer-
cise even though myth and fact
were treated with equal respect.
Marlin Jarvis was Shakespeare,
John Powell himself directed.

A fine play by a playwright
less respected in this country,
Goethe’s Torquato Tasso, was
given a fine performance on
Sunday on Radio 3. There was
a new translation by Alan and
Sandy Brownjohn into iambic
pentameters with a current ring
— momentarily too current
when the neurotic poet had an
important speech repeating the
phrase “It’s truly her!" Michael
Pennintcn played Tasso, Eileen
Atkins was the Princess. David
Sachet was Antonio: how could
you do better? John Theocharis
directed.

On Thursday morning on
Radio 1 we heard aboat the
record producer Roy Thomas
Baker, who may use six 24-
tracks running in sync (sic).
And in The Listener we read
about tiie Fairlagbt Computer
Musical Instrument, on which
you can draw any kind of
sound-wave with your light-pen
and then get the machine to
make the equivalent sound, in
any register you want. What-
ever became of music?

* Wings of the morning ’ by Edward Wadsworth

Edward Wadsworth

BY WILLIAM PACKER

The work of Edward Wads-
worth, now at the Mayor
Gallery until May 28, is among
the most distinctive of contri-
butions to the British Art of
this century, ever au fait, culti-
vated, of its time, and always
readily indentifiable as his
alone, for though he had a wide
association among his contem-
poraries, at home and abroad,
he was never anything but his
own man.

Yet for all that he remains
oddly obscure, as it were criti-
cally un established, hard to
place, the totl oeuvre rather less
of a piece apparently than we
might wish. We do like our
categories, and do like our
artists to respect .them as they
should; and with Wadsworth
the transition from young Vor-
ticlst to Dazzle painter far the
Royal Navy (and consummate
wood-cot prtntmaker besides),
to an ironical mastery of the
surreal stiM-Mfe, to Cunard
muraHst to Associate of Man-
ning’s Royal Academy, is per-
haps a tittle too much to
comprehend.

A man of private means,

so me Hang- of a dilettante shall
we say, who need not be taken
too seriously? And yet - the
paintings themselves have the
oddest way of coming back to
rebuke our neglect or impercep-
tion, authentic, powerful, unfor-
gettable and above all impoT-
tant pictures. With their every
reappearance the thought is
nudged that in spite of every-
thing Wadsworth was an artist
of real significance after alL
This exhibition at the Mayor
Gallery is small, but even so is
something of an event, for it
consists mostly, of major works
from the 1920s, half of them
landscapes and boatscapes, the
rest his highly-charged of am-
biguously symbolic still-lifes. All
but one are painted in tempera,
the medium he adopted at the
turn of the decade, which of
itself reinforces the peculiar
qualities of the work, informed
as they are by a timeless, brood-
ing, even somewhat feverish at-
mosphere. the colour height-
ened, the contours sharp, the
surface rich and dense. Tem-
pera is necessarily a medium
of slow deliberation and defin-

ition, the image worker up
min utely, stroke by stroke.

If we use of them the word
surreal, we must do so only in
the most general way, for
though these works, the still
lifes especially, are certainly
possessed of characteristic quali-
ties of surrealism, their true an-
tecedents and contemporary
sympathies lie rather with the
metaphysical works of a slightly
earlier period, with the paint-
ings of Cam, de Chirico and
perhaps early Grosz.

In them too we see the
familiar transformed into the
bizarre and dream-like not
simply by odd conjunction and
surprise but by the mere act of
intense scrutiny and representa-
tion. Such was the work with
which Wadsworth at least
associated his own; but what
most resembled it between the
wars, was that of another over-
neglected painter, one whom he
also knew. Pierre Roy too was
a surrealist only by the easy
association of working on
through the high surrealist
time.

Gregorian Variations

BY RONALD CRICHTON

Michael Berkeley’s Gregorian
Variations, commissioned for
the Philharmonia Orchestra by
the firm of du Manner, had
their first performance at the
orchestra’s Festival Hall con-
cert on Thursday. As a boy
Berkeley sang in Westminster
Cathedral Choir where he ab-
sorbed plainsong as Walton,
years earlier is an Anglican
cathedral absorbed another
(also modally influenced) tra-
dition. The point is ifiade be-
cause one was reminded of the
Walton church music heard
recently in Westminster Abbey.

Berkeley’s Variations are con-
tinuous. Though there are re-
ferences to specific chants it
is not they that are varied so
much as modality itself, per-
suaded to confront and flirt with
other styles such as jazs and
pop which were another early
influence. To judge from the

Variations’ opening pages, what
one might for convenience
(since such conflict, as there is
sounds more musical than
spiritual) call the profane in-
fluence followed quick on the
heels of the sacred one.

The composer was as ke d, it
appears to make his work
“ accessible to a lay audience at
first bearing.” Was this an in-
ducement to use a large normal
symphony orchestra? Michael
Berkeley’s palette is different
from his father's — where Sir
Lennox is discreet and fastidious
his son uses lush texture with-
out inhibition and with a cheer-
fulness and optimism which
flush the sacred just as much as.
the profane elements incau-
tiously identified above. The
musical language is indeed un-
problematical, the form how-
ever not immediately dear. To-
wards the end there is an arrest-

Beautiful Dreamer

BY B. A. YOUNG

If you like the Bangs of
Stephen Collins Foster, you win
have a ^eat time at ®be Green-
which Theatre, where a soot ot
cartoon version of his life story
is used os a medium for the
singing of about 30 of them,
mostly by Simon Green, a hand-
some young man with a pretty
tenor voice, in the part of the
composer. Sometimes he is
assisted by four or five other
players in barbershop harmony;
sometimes for a change we have
a lady’s voice from. Christina
Matthews, as has wife, or
Dorothy Verpcm, as has mother,
an English lady or a New York
music publisher (who just got

“ Beautiful dreamer” before
Coiling died).

The life story is cunningly
carpentered by Roy Hudd so
that we needn’t pay too m uc h
attention to it- In short, dia-
grammatic scences, acted in the
style commonly used for re-
vivals of melodramas, we see
Foster at home, failing to get
into West Point, working as a
book-keeper for his brother,
writing and ultimately publish-
ing songs, some performed by
the Christy Minstrels, with a
neat Christy by Harry Didanan.
Marriage, drink, poverty and
death, but always a song to keep
us happy.

Grove doesn't differ much
from Hudd. It gives Collins
eight siblings rather than one.
and says that It was his brother
Dunning, not bis brother Morri-
son, that he worked for. Bos

first published song was not
« Oh, Susannah!" but “Open
thy lattice, love,” and there was
some orch e stra l music, too. But
who cares? The Stephen Foster
songs — “ Camptown Races,”
41 Massa’s in de cold, cold
ground," "Old folks at home,”
“My old Kentucky home,”
“Dixie,” “Marching au

Liz Robertson

Liz Robertson ise a star. We
know it she certainly knows it
and the six-piece band that
accompanied her one-woman
show last Sunday night at the
Duke of York’s knows it too.
(There are two more perform-
ances this week-end.) It was
one of those occasions when
all criticism is swamped by
showbiz at its sdrmaltziest and,
in fairness, its most Infectious.

The programme is an antho-
logy of songs compiled by her
husband," Alan Jay Lemer, and
very modestly compiled too. His
own sougs do not dominate.
And a programme which starts
off with " Without a Song,” is-

F.T. CROSSWORD PUZZLE No. 4,855

A prize of £10 will be given to each of the senders of the first
three correct solutions opened. Solutions must be received by
next Thursday, marked Crossword in the top left-hand comer of
the envelope, and addressed to the Financial Times, 10, Cannon
Street, London, EC4P 4BY. Winners and solution icill be given
next Saturday.

Name

Address

ACROSS

1 Jack, for instance, has to
resist the invitation (44)

5 Marsh bird right for his
shots? (6)

10 Some people put a brave face
on dt — Poles, for example
(5)

11 Father, some deeds appear
improper at school (9)

12 Mariner extremely deep at
sea — rating? (9)

13 Conclude— hell tfrere is no
getting away from it (5)

14 Standard disciple of the
ministry? (6)

15 Find new home for her re-
tirement by the river . . .
(7)

IS . . . ordinary second house
(7)

20 Deri are playing first-class
cricket . . .(6)

22 ... I twice bat badly but
provide strong leg support
(5)

24 No doing a U-turn this
Jurassic type! (9)

25 People eating turn green-
get the courier! (9)

26 Jones the architect in Mini
going home (5)

27 Church in tiny reform —
matter of delicate adjust-
ment (6)

2g K drains off water when
royal egg is cooked (8)

DOWN

1 Tense time to come? (6)

2 poultice for Tom of Cheshire
— Malpas perhaps (9)

3 So I am costing men barring
a flutter (10-5)

4 Keep away ifirom each a
burden (7)

6 Undignified yet? (15)

7 For impenetrability, use
heading of patch over ceiling
(5)

8 Shy trot engaged (8)

9 Superstitious people avoid it,
left with awful dread (6)

26 Words of encouragement for
one bringing up a child
(3-1-5)

17 Who will, in loose
Mackintoshes, hie away? (8)

19 Voting trends offsetting
roundabout losses? (6)

20 Fishes in them need adf
coming up under water (7)

21 French one overcooked —
ruined (6)

23 But not tiie English, spoken
by graduate so dasa c aHy
(5)

Solution to Puzzle No. 4854

t Indicates programme in
black and while

BBC 1

6.25-8.55 am Open University
(Ultra High Frequency only).
9.65 Sorry Mate, I Didn’t See
You. 9.30 Get Set for Summer.
10.55 "Duel at Silver Creek,”
starring Andie Murphy. 12.12 pm
Weather.

12J5 Grandstand including 12.50
News Summary: Football
Focus; Boxing: Highlights of
the Duff/Barrett promotion;
Racing from Leicester;
World Ice Hockey Champion-
ships: Tennis: The State
Express Classic.

5,10 The Dukes of Hazzand.

6.00 News.

6J.0 Regional Sports / News

programmes.

6.15 Saturday Fttm: “The
Great Waldo Pepper starr-
ing Robert Radford, Bo
Svenson, Susan Sarandon
and Margot Kidder.

8.00 Eurovision. Song Contest.
10.15 News and Sport

10.30 Match of the Day.

1L30 “Pearl”: Spectacular

three-part drama about
the days which led to
America’s entry into
World War IL

REGIONAL VARIATIONS:
Cymru /Wales — 6.10-6.15 pm
Sports Newts Wales.

Scotland— L05-L20 and 1-40-
1.50 pm Boxing (opt-out from
Grandstand). 6.10-6.15 Scare-
board. 10.30-11.30 Sportsceue.
LOO am Scottish News Summary-
Northern Ireland— 5.00-5.10 pm
Scoreboard. 6.10-6.15 Northern
Ireland News. LOO am Northern
Ireland News Headlines.

England— 6J.0-6.13 pm SoUfr
West (Plymouth): Spotiigrt
Sport. AM other English regions:
Sport/Regtonal News.

BBC 2.

625-7,40 am and 8.05-3.10 pm
Open University.

3J0 Saturday Cinema: "One
More Time,'’ starring
Samjiy Davis Jr.

4.40 Tennis: The State Express
Classic. _

6.00 Oystermen of the FaL
630 A R&bt to a Diving,

7.00 News and Sport
730 Did You See ... ?

8.00 Washington; Behind
' Closed Doors.

935 Temtis: State Express
Classic.

10.20 Mon Alive-
1L10 News Headlines.

+1L 15-12.30 am The Films of
Orson WeHes: “Journey

Into Fear,” starring Orson
Welles. Joseph Cctten
and Delores Del Rio.

LONDON

9.35 am Sesame Street 10.30
Cartoon Time. 10.45 The Adven-
tures of Black Beauty. 11.15
Space 1999.

12.15 pm World of Sport: pre-
sented by Dickie Davies.
1230 On the Ball; 12.45
Karting— FSO Cars Super-
kart Challenge; 1.00 Cycling
— The Paris-Rouibaix: 1.15
News; 1.20 The ITV Six from
Sand own and Beverley: 3.10
Gymnastics — USA v USSR
from GainsviHe, Florida,
■plus Modern Rhythmic
Gymnastics — The Soviet
Woman Prize from Moscow:
3.45 Half-time Soccer News
and Reports; 4.00 Wrestling;
4.50 Results.

5:05 News.

5.15 Worzel Gummadge.

5.45 Buck Rogers in the 25th
Century.

6.45 3-2-1.

.7.45 “ Rdilercnaster starring
George Segal, Richard
Widmark, Timothy Bot-
toms. Susan Strasberg
said: Henry Fonda.

9.55 pm News, plus FaUdsnds
Extra.

10.25 A Change in Time.

11,40 London New Headlines

followed by Bizarre with
John Byner.

12.10 am AdnU: Continental
Movie: “ The Twist,”

starring Bruce Dem.

2.00 am Close: Sit Up and
listen with Dr Joseph
Needham.

All DBA Regions as London
except at the following times :

ANGLIA

8.00 am Sesame Street. 10.00 Sport
Billy. 1QJ5 Thundarblrds. 11.20
Tarzan. 5.48 pm Chips. 11.40 Vegas.
1235 am At Tha End OT Tha Day.

BORDER

940 am (Jntamad World. 10.05

Tarzan. 1Q.6S Tha Adventures of Black
Beauty- 5.45 pm Chips. 11-40 Tha
Streets of San Francisco.

CENTRAL

9.15 am 3-2-1 Contact. 9.45 Sesame
Street. 10.45 Stingray. 11.15 Off the
Record. 11.46 International Bowls.
5.45 pm Chips. 11.35 Bizarre. 12-05
am Vivian Road In Concert. .

CHANNEL

5.15 pm Puffin's Pla(i)ca. 5.20
W.K.R.P. in Cincinnati. 6.46 Sale of
the Century. 6.18 Mr Merlin. 11.40
Bizarre. 12.10 am Video Sounds.

GRAMPIAN

9.36 am Spiderman. 10,00 Tarzan.
10.50 Welcome Back Kottar. 5.45 pm
Chips. 11.40 Raff actions. 11.45
Thriller. •

GRANADA

9.25 am The Flying Kiwi. 9.S> The
Undersea Adventures of Captain Nemo.

cpic[K|T|ATnu

OMujgHMlH

[pjfli Boo il

tMfgRgr

a
a
a

m _

0313030
H n 0 Q
aaHBaaanaa
a a
no
d a

a □

non

a .0 „

snaonn aaniaaaaa

abfbbBa
[d o u b l e|t |

EBsnutf l

oiuiaIkie ir|

uB

33

Tl

iBi- l

TjArilEl

■vbVg

tiuIpieI

■aM(n

SOLUTION AND WINNERS
OF PUZZLE No. 4849

Mrs J. E. Wight. 1 Northamp-
ton Road, Bromham, Bedford.

Mr IL I WSffltans, Portland
Lodge, Wodehouse Road, Old
Hunstanton, Norfolk.

Mr K. Woodall, 2 St
Nicholas Close, Ailestree, Derby.

aaaaaa sannanaa
gnmnnans
ansQEiQa eihgiqcigih
BEMa000HII
3300' EBESBQSnaci

□ - 0 a ss d a □
□Biaacaa snaranata
a □ b a a n a a

□saasan nanamo

□ □ a s a a m
snoEKDsnnnoi bhoei
a a a n □ a a b
soaoinBH HHQsnnn
sanaiaasa

OQQaOHSQ 000030

9.55 Sport Billy. 10.15 Sesame Street.

5.45 pm Chips. 11.40 “ The Mephisto
lysffc.*" starring Curt Jurgens and
Alan Alda.

TSW

9.55 am The Adventures of Bfac*

Beauty. 10,20 Sesame Street. 11.20
Space 1999. 12-30 pm HTV News.

5.13 HTV News. 5.45 Hawaii Five-O.
11.40 The Palace Presents: Rita Moreno
joins host Jack Jones.

HTV Cymru/ Wales — As HTV West
except: 9.55-10.20 am Razzmatazz.
5.15-6.45 pm Sion a Sien.

SCOTTISH

9JO am Vicky the Viking. 9.45
Thunderbirds. i 10.35 Saturday Morn-
ing Picture Show: " Dr Strangelove."
starring Peter Sellers, George C. Scott
and Sterling Hayden. 5-45 pm Chios.
11.40 Bizarre. 12-10 em Late Call.
12.15 That's Hollywood.

TSW

9.06 am Wheel ie and the Chopper
Bunch. 9-30 The Saturday Show. 1030
The Incredible Hulk. 11.20 Soon Billy.

11.45 The Adventures of Black Beautv.

12.12 pm TSW Regional News. 5.15
Nawaport. 5.20 WKRP In Cincinnati.

5.45 Sale of the Cunmrv. 8.15 Mr
Merlin. 11.35 Bizarre. 12JJS am Video
Sounds. 1235 Postscript. 12.40 South
Weat Weather.

TVS

9.15 am Saturday Brief. 930 Sesame
Street. 10.20 Sport Billy. 10.45 Specs
1989. 11.45 Film Fun. 5.1B pm TVS
News. 5.50 The Incredible Hulk. 11-40
The Two ot Us- 12.10 am The Enter-
tainers (Johnny Logan). 12.40
Company.

TYNE TEES

9.00 am Story Hour. 9.55 Cartoon

Time. 10.05 Joe 90. 1030 Saturday

Morning Movie: ** Captain Sin bod."

12.13 pm North East News. 5.15

North East News. 5.45 Chips. 6.45
3-2-1. T1.40 The Monte Cork) Show

starring Anthony Newley. 1235 am
Three's Company.

ULSTER

10.00 am Sesame Street. 11.00 The
Flying Kiwi. 11XS Thunderbltda.

I. 18 pm Lunchtime News. 6-00 Sports
Raaulcs. 5.13 Ulster News. 5.4S Chips.
10.09 Ulster Weather. 11.40 The Irish
Cup Final (highlights of the Base Irish
Cup Final). 1235 am News.

YORKSHIRE

9.00 am Here's Boomer. 930

Thunderbirds. 10.10 The Adventures
of Black Beauty. 1035 The Saturday
Morning Picture Show: " King

Solomon 'a Mines," starring Stewart
Granger and Deborah Kerr. 5.45 pm
The Incredible Hulk. 1135 Bizarre.
12.05 am That's Hollywood.

RADIO 1

(s) Stereophonic broadcast
(when broadcast on vhf)

5.00 am As Radio l 7.00 Wake Up
to thB Weekend with Adrien John.

8.00 Tony Blackburn's Saturday Show.

10.00 Paul Burnett. 1.00 pm Adrian

Juste fa) , 2.00 A King in New York
(a). 2.05 Paul Gambaccini (s). 4.00
Walters’ Weekly (s). 5.00 Rock On

(a). 630-7.30 fn Concert (a}.

RADIO 2

5.00 am Tony Brandon with Tha
Saturday Early Show [a). 835 Sports
Desk. 8.06 David Jacobs (a). 10.00
Don McLaan with Star Choice (a).

II. 02 Sports Desk. 17.03 Suva Jane a

(a). 1.00 pm The New* Hud dimes.

130 Sport on 2: Football: commentary
on a top league game, newa of others;
Racing from Sandown at 2. IS, 2.55 and
3.35; Tennis: Gerald Williams reports
from two top tournaments. 5.00
Country Greets in Concert. 7.00 Jazz
Score with Benny Green, 7.30 Big
Band Special (s). 8.00 Eurovision

Song Contest (s). 10.00 Nordrlng 81
fa). 11.02 Sports Desk, 11.10 Pete
Murray's Lata Show fs). 12.05 am
Sports Daak. 2.00-5 .00 Yen and the
Night and the Music (a).

RADIO 3

7.55 am Weather. 9.00 News. 846
Aubade (a). 9.00 News. 9.05 Record
Review (»), 10,15 Stereo Release (s).

1130 Bandstand (a). 12.00 Haydn

Siring Quartets (a). 1.00 pm News.

1.05 Early Music Forum (s). 2.00 Tha

Symphonies of Mahler («1. 4.15

imagos of Debusay (s). 5.45 Critics’
Forum. 635 Benjamin Kaplan piano
recital (a?. 735 The Devil You Don’t
Know: " Goethe. Jung. Faust end
Alchemy ” (talk by Stephen Abrams).
7.« ” Hy mermens." opera In three
acts by Handel. Act 1 fe). 8.45 Inter-
val Reading. 8.50 " Hymeneaua.” Act
2. 935 Interval Reading. 9,40

•’ Hymenaaue,” Act 3. 1030 Herpes

Simplex fshort scary), lt.00 News.
11.ie-11.15 Max Bruch fs).

RADIO 4

535 am Shipping Forecast. 530
Newa. 632 Farming Today. 6.50
Yours Faithfully. 635 Weather, travel,
programme newa. 7.00 News. 7.10
Toddy’s Papers. 7.15 On Your Farm".
7.45 Yours Faithfully.- 7.50 Ifs a
Bargain. 735 Weather, travel, pro-
gramme news. 8.00 News. 8.10
Today’s Papers. 8.15 Sport on A. 8.48
Yesterday in Parliament. 8.57 Weather.
9.00 News. 9.05 Breakaway from
Glasgow. 9.50 News Stand. 10.05
The Week in Westminster. 70.30 Daily
Service (s>. 10.45 Pick of the Week

(a). 1135 From Qur Own Corres-

pondent. 12.00 News. 12.02 pm
Money Box. 7237 I'm Sorry, I ‘Haven't
a Clue (s). 12.55 Weather, programme
news. 1.00 Naws. 1.10 Any Qu na-
tions? 1.S5 Shipping Forecast. 2.00
News. 2.18 Thirty-Minute Theatre fa).
235 Medicine Now. 3.06 Wildlife.
3.30 The British Seafarer fa). 4.15
The Dragon and the Beat. 4.30 Does
He Take Sugar? 5.00 Peter ss PiJnrfm
(«i). 5.25 Week Ending (s). 5.50

Shipping Forecast. 5.55 Weather,
travel, programme news. 6.00 News,
indudino Snorts Round-up. 6.15
neneri l»lanH Discs fal. 6.56 Jftoo
rim ivml[ w<rh Robert Robinson f*\.
,l * BsVsr’s Pnren fst. fljgn Saturday
M-'nfi* Thesrp* fs\. 9 ret Weather. 10.00
N»«s. t*1 1G Sorsa*Mno Tn TJer' , nm.

tt.lVI Iinhr»n Our Oorknas^ Igl. 11. IF

*• W«ok with Pfthop, Dnhlnrton
fst. r»- n K.n; niri. t'lh Nwn

BBC RADIO LONDON

5.00 am As Radio 2. 732 Goad

Fishing. 8.00 News, weather, travel.

8.05 Condon Today. 830 Travel
Round-up. 833 Westminster at Work.
9.03 The Magic Carpet Company. 930
Openings. 10.02 Ail That Jan. 1130
The Robbie Vincent Show. 2.02 pm
Breakthrough. 330 The Great Com-
posers. 6.00 Guideline. 530 Quest.
630-5.00 am Join Radio 2.

LONDON

BROADCASTING

7.00 am AM with Jenny Lacey and
Magnus Carter. 10.00 Jelly bone with
Tommy Boyd. 12.00 LBC Reports with
Dee Fahy. 1.00 pm Sports watch with
Dominie Allan, 6,00 LBC Reports with
Das Fnhy. 7.00 Gem Male (programme
for Asian listeners). 8,00 Network:
Mr Gilbert and Mr Sullivan (part 1).

9.00 LBC Special; Tha Sinai Pvniitctfla.
10.1)0 Niahtling. 1.00 am Night Extra.

4.00 Hayes on Sunday. 4.30 Decision
Makers. 5. OP Mamina Music.

CAPITAL RADIO

7.00 am Graham Dene’s Snakiest
Show. 10.00 Pick of the Tops Take
Two with Alan Freeman. 12,00 Peter
Young. 2.00 pm Duncan Johnson’s
Aftamoon Delight. 5.00 Greg Edwards*
Soul Spectrum. 8.00 Juke Box Satur-
day Night. 9.00 Richard Diganee and
Folk Frlonds. 10.00 Roots Reckon
with David Rodlgan. 12.00 Midnight
Specie].

CHESS SOLUTIONS
Solution to Position No. 420
Polugaevsky was right The
game ended 1 BxP, R-K8 ch;

2 K-R2 (not 2 Rs®? QxQ), RxR
(now White’s queen is pinned):

3 B-Q5 chi and Black resigned.
If 3 . . . RxB ; 4 QxQ di, or if
3 . . . K-BI; 4 RN7 ch, K-Kl ;
5 B-B7 mate.

Solution to Problem No. 420
1 Q*B6 (threat 2 Q-N6 mate),
PxQ ; 2 NxP, B-N4 ; 3 NaP mate.

THEATRES

ALBERT. S 836 3878- Credit canto 379
BSBS-930 0731. Cm Ml#* 83513002-
636 3962- Dree 740. Thor* & Sat 3.0-

ffhar T om ,owyr .mkhm mb Mb

■motes tor Trevor Evea CHlLDRaft »

YEAR Of THE LONGEST- SUNNING
COMEDY IN T HE WORLD. NO SEX
ntMJ-WM BRITISH, otractad bv
Allan Daria, .Croon aatoa Bov eftce 378
6061. Credit Wd boaklwpa 930 0731-

GLOBE . 3 QC 437 1 392. *36 8770*779.
PASS TH8 etrnlea. th new comedy Mt
bv Erie idle with william RUSHton,
JOHN FORTUNE. MADGE RYAN and
PETER JONES- Moo-Thur* 8-0. Fri 6
Sat 6. O b, 8.45. Group UM BOX office
379 «08t.

GREENWICH. S CC 01-838 775S, pnv
MM. Mats Sat 4,0. UAbriFUL-
MUULMIR by nor Hudd.

ing moment of questioning ten*
slon which, one feels, exjjectsa
more clinching resolution .ftm
it receives — yet a young aan’fc
musical autobiography.^^ tm .
right to be open-endesd- v

The Ffcilhannoou arid (fas ^
doctor, Andre Premia, -m* >
every sign of enjoying (to new-
warfc Previn and the.ofttestra

were equally well-matched in
the London Symphony' r of
Vaughan Williams, an oftT fav-
ourite now neglected, wt&t
came up warts and ail vrtflwtt
any need for apology, *
finely burnished performance.
The Four Last Songs of Strauss,
were sung by Margaret -price,
sovereign mistress of cg^lezit
tone and long-drawn flue, wiat
may he present standards he
considered a quite adventurous
programme drew a big boose. .

Georgia,” H I dream of Jesoje-*
— people still love them and
would go on loving theca even
if they turned out to hm been
written by aBrtdk. Ifs for those
people that this show, directed
by Roger Haines, and designed
by David Cockayne, is designed,
and they adored it the night I
was there. • ■

eludes “ Ifs De Lovely
We? ” and, naturally enooft,
M I Could Have Danced Afl
Night" bringing in :NoQ
Coward's “Nina from -Argen-
tin” who declined. the -
beguine, "The Battle Hymn of ■
the Republic." and “Tbc lfirth ,
of the Blues” does show off a. :
performer's range.

Miss Robertson, or Mrs Lemer •
as she has been since last jrear. r
bad the audience in. the' palm
of her hand and some.-s® jffie
older stare in the atolls — I
noticed Dame Anna Neagfts*
must have ha diheir lace han$ ..
kerchiefs out. .

ALAN FORREST

Arts Liaison is presenting a
charity interview evening with
jazz vioUnfat Stdphane GrappeHi
at the Waterloo Room, Rival
Festival Hafl, on Friday May 7
starting at 6.15 pm and ending
at about 7.30.

He wffl be talking afoot ids
long career with the writer,
critic broadcaster Oharies •
Fox. and -there wiH be recorded ■
musical excerpts. Tickets ore
£2.30.

ALDWYCH. S B36 6404. CC 3791 033.
For a snort aeaeon. ALAN IWJYARII;
Beat Actor of tire. Year la OtKC
award-winning pnxiortiaa of GOOD.
Eygx 7 JO- Mats Wed & Sat 2J0.

AMBASSADORS. 636 1171. Grp MlB
y/fSSlTTSS fiBJiO. £S^. £4-50. £4,
£3. Eves 8- Mats Toe* 3 A Sat 5.
ROSEMARY LEACH. DAVID SWIFT.
84 CHARING CROSS ROAD br Helene
Han*.

j

l.l

iiiis

isiPipig

usuu’-Aas 0

BALLET Includlna World prernfon? o 1

SS« production or swan lake Zs-S

COMEDY THEATRE- 5 930 2578. Credit

6061. Mon-FH 0.00. Sat 6.15. Mad
Thur 3- Sat* 5-15. Price U.50-E7.O0.

cWhlren). STEAMING

By WILL DUNN.

COVEKT GARDEN. 240 1066. S (Gardcn-

rirergL CC 030 6DOSJ THE ROYAL
OPENA real a Tins at 7 jo. Cavalier la

ai|SE ! rf , <&at^s 3*9

|t, NICOLAI GEDDA. TkS

ORURY LANS. Threw RoyaL CC 01-836
8100. Grp Sain J*9 SCSI. TTM
CURRY. GEORGE COLE.. PAM t LA
STEPHENSON. ANNIE ROSS Ir lTlS
nRATES OF PENZANCE. Sh orevlm

BOOK nV ^ MaV *’

DUKE OF YORK’S. 836 S122. CC B36
9837. Group ules 379 8061. Moo-Thurs
7;43. M b & 9.13. Sat 5.1 S & 8.30.

SI Pino Callow a, Patrick Ryecart In J. P.
OwtoWT BALTHAZAR.

FORTUNE. 836 2238. CC 300 0200.
Hunter Thompson's FEAR AND LOATH-
ING IN LAS VEGAS. Eves 8.00. Fri A
Sat 6 6 9, Prow MM* Map 6. opens
mw Tl at 7.00. Bar wren 6 pm. Pub
prices.

MAYMARW THEArijTtE^WYAL. 930
96S2. Until May 29- DW 7.30 . Mat a
Wed 2.30, Sat L3, ntICLON KWH,
ANTHONY QUAYTX TREVOH YEACOCK
In HOBSON'S CHOICE: - A comedy by
HwSSanihWR, LOIrerted £ Rwato
Evre. Romano In repattolre with A Cut
at V a mtoti and Captain Braaabcaad. ^ .

HAYMABKIT TJ^TRE TOYAl. 930
M32. KNILOn K1ITH. MICHAEL
DENISON. JOHN TOlWtRInCAFTAm
RRASSBOUNO'S . CONVERSION t»V
Bernard Saw. Prevtow* Junv 3. Onena
June 10. ' .

HAYMAHKCT THEATRE ROYAL. 930
9832. June 24-J uly 7-- MtTER BARK.
WORTH. ANTHONY .QU AYLE. MICHAEL
DENISON In A COAT OF VARNISH. ■*
new play by RonaW Millar. -

HER MAJESTY’S. 930 6808-7. CC 930 I
4025-6. Group .Mies 379 EOT-'Bm . '
7.30. Sat mat 3.0. FRANK FINLAY In
AMADEUS by PFTSR SHAFFER. Dlmrtri .
by PfiTER HALL. '

KINGS HEAD. 226 1016. Our 7.SJW;

8. VICTORIA WOOD * THE GREAT ■
SOPRCNQO In FUNNY. . TURNS. I
EXTENDED UNTIL MAY it

LONDON PALLADIUM. 01-43T -7373. •
MICHAEL CRAWFORD In ttio Braaowar
Musical BARNUM. EvflS 7 JO.' Mat Wfd .
and Sat 2.45. Use the Bantam Hc*8n«
01-437 3055. 01-734 8961 far toatmt-
C red ft care reservations. HOW BOOKING
TO FEBRUARY 5 1 963. •

LYRIC THEATRE. ShafbwfamY Are,'
a rhea 437 3636. Tel Credit. cnri •
accepted. Red price were until
Mat tonight at 5.0. Oaeni
7.00. GLtNDA lACKSOl
HALE In SUMMIT OONFl ._

S w by Robert David MacDonald
a. Mat sat 5.0. Wed mat* tram
at 3.0.

^WM^PEtH&UmiOidETA.. SSrouv

LYRIC STUDIO: Ena 6 Dm. RENT* hi.
Michael Wilcox. ’ . -

MAY FAIR. 629 3036. CC 3TB6SW.
Grp bkn 836 39E2. Eras- L30. -SB
6.0 A 9.0. Lconle HotmaWr '

McNair. Michael Maxwell lo ftOOfUS-
Seats £7,90. £5.90 & £440. StalMTUdy
.5S!5. , "a.> wr m Cl 2.00. .

MERMAID TH. BlKklrian, EC4. S ' „

5S6H. CC 01-256 3324. S55«y 6-J
8^0. ALEC McCOWAK

YORTAG* TO SAN , CRIST ,

NATIONAL THEATRE. S
OLIVIER wpen .stapo* Toot
OREiTEU in Its entirety
prompt lor 5.30 om sa
comer*.. must stand “til

r ?Sn3r*s&,

FRINGE* 1 OF T °HOMBd£uS *«»

72v WiJ* “ ‘

wed a. Thur . .. _

SLAVS^-n® aoltaWe ..

Car park Rutnimt 9

card Mcb* 928 S93X.

NT afeat HER MAJESTVB.

NEW LONDON. CC Unify UM. wex
01-405 0072 or 01-104 4072. trt7AS. -
Toes am Sat 3 J) end 7. 45. TH* Andrew
Liovd-Webaer-T. s. Otoe A«*vd WUwjnw
musical CATS- Group baoM WtojO lrjSS
1SS7 or 01-379 -808 1. LAfTCQMthS
NOT ADMITTED WHILE AWJTDRJUW^
IS IN MOTION.

Now booking dll Jan 29. ■■' _

FALACE. CC 01-437 M3*.

«7_ 8327. And

PHOENIX THEATRE {Chartve-Craw fureg
gt-SI6 2294-8011. cres aA-Jpt&K
P.'S. 3-9. ONE MO- TIMB1IH5 PRC*J

NEW ORLEANS MUSICAL
TIME IS A GOOD. TIM8I JfrWP/Iri*
01-379 606T. RltW -T»hd«to. ■

0200 for fnxunt eonmi«Bd;CC.^dp™«r
24-hour pc no nai awvlCM wHable.

PICCADILLLY. S 437.45^

Group Mies 01 .63h . 3962, _ a WAjaii
Prutcl bkn Key 220 A334- :

7.30. Mat Wed 3.0.' 'Sat SJO SOMf-.
ROYAL SHAKESPEARB
Wlllr Russell'i new cfioiady EDUC*OT G/
RITA. ■t". 1 _-

FRINGE EDWARD. OW.

Rice and Andrew Lloyd-i.«,.

DlraeM Oy HmiiW MW.- -wa
Mata Thur (economv Price) 'and-W-7
Evg pert enda to.1 i to> ; 0»-.
6877- CC HotUiw 430 Stag*'*'
ules 379 6061 or Beat atocen far I
S4 hr bkna rUva Taledate <H-Z06_

PRINCE OF WALIS THEATRE.

CC Hotline 930 a*«or-1WediS£W®* ;
0200 <24 beer wn>". or S^MLJi
entry. ROY hudotT OlllBW® .
TIMOTHY In • UNMRNT
ARCHES. A tn retail «TW
Allan story. Eves MaMThun.

A Sat at 5.T5 A &30. GratV

office 01-379 6061. •
ouesars. & cc oi-7M. T2 B V«?

4031. Group aalca 01-379 6081- E«*:
Inn* 6.00. MM Wed. 3. S« Wt*.
S-M. ANOTHER COUNTRY.

Mjte O ril. - • . - --Air-

RAYMDMO RRVIW9ML
At 7.QO. 9.0Q and JI40-H*- "Qffl
Sun. PAUL RAYMOND- Wa»Mft.-.V®-
FESTIVAL OF Mica.

aSiSm:

Financial Times Saturday April 24 1982

15

.\

COLLECTING

Mark time with Cromwell

BY JANET MARSH

THE PERIOD of the English
Commonwealth witnessed
another revolution, largely
effected in this country, which
was to have universal implica-
tions. An invention of simplicity
and genius at one blow made
possible the absolute measure-
ment of time.

Clocks and watches of beauty
and ingenuity had existed for
the best part of three centuries;
but just how vague was the
assessment of time before the
middle of the 17th century can
be judged from the advice to
watch owners of John Smith, in
his Horological Dialogues of
1675. Not only did he recom-
mend that watches should be
constantly reset by reference to
some bandy sun-dial, but urged
that the same dial should always
be used, “because ’(is seldom
known that two Sun-dials go
true together/’

The revolutionary invention
r— which by this date had
already made true time-keeping
possible — was the pendulum.
Galileo had noted in the
previous century that gravity
causes a pendulum of a given
length to swing with absolute
regularity. His son Vincenzio
is reputed to have applied the
principle to a clock mechanism
in Venice in 1640; but the first
certain demonstration of a
pendulum dock is attributable
to the Dutch mathematician
Christian Huygens, who in 1657
assigned the invention to a
dockmaker of The Hague called
Salomon Coster.

The same year Coster took
into his service a young
Londoner of Dutch descent,
John Fromanteel; and when
Fromanteel returned home in
165S his family firm appears
instantly to have set to work
in earnest on the production of
perdu! um clocks. One of the
mast-quoted documents in horo-
lcvieal history is father
Ah a su eras Fromanteel’s adver-
tisement in The Commonwealth
Mercury in November 1658 for
*• Clockes that go exact and keep

Equaller time than any sow
made without the Regulator.”

The Fromanteels created an
entirely, new form of clock to
incorporate the new movement
and thus tire long-case dock, the
uniquely English style of time-
piece, was bora. The formal
innovation was to create a tall
architectural case long enough
to bouse the driving weights,
and at the same time to provide
a dust-proof case for the
increasingly delicate works and
a prominent display for the dial.

Fromanteel’s first docks used
a short bob pendulum. The
scientist Robert Hooke demon-
strated the advantages of a
longer pendulum with a regular
one-second swing, necessitating
a wider casing than the slender
first long-case clocks. The bulky
new long-case docks were the
first to be regularly housed in
wooden casings — at first charac-
teristically of oak veneered with
ebony, later following the
vagaries of cabinet-making
fashion.

In his valuable survey
Complete British Clocks (David
and Charles, 1978) Brian
Loomes speculates that Froman-
t eel’s career and fame suffered
after the Restoration because of
his Cromwellian sympathies.
However, he and the other
ingenious clock-makers of the
latter 17th century, aided by
scientists like Hooke— who also 1
devised the ideal escapement
for the new dock — constantly
refined this essentially national
clock, whose reign was to last
200 years.

(Oddly enough, the popular
name of “grandfather” may well
have come into use only after
the long-case dock had seen its
great days. The Oxford English
Dictionary supposes that the
name. followed the popular song
of the 1880s.)

For the collector there are
many ways of appreciating
clocks— all requiring degrees
of caution. The scientifically
minded will try to trace the
development of the mechanism

and the introduction of new
refinements and elaborations
like calendars and Indicators of
lim lunar phases — no frivolous
luxury in times when nocturnal
journeys had to be planned
according to available moon-
light

There are the aesthetic
aspects — the casework, which in
the course of two centuries
embraced some of the finest and
some of the most shoddy and
showy English cabinet making;
or the design of dials, at first
made In brass or steel, later
with the exquisite enamel or
japanned work of the end of the
18th century.

Brian Loomes is one. of the
writers who have championed
the British provincial dock.
Until comparatively recently the
sophisticated London - made
clocks and the work of the
(often London-trained) major
c raft smen of regional cities
were preferred. Mr Loomes
points ont the charm, the
ingenuity and energy of more
rustic docks, particularly those
from the times when the trade
was still “ clock-smith ” rather
than “clock-maker.”

Collecting long-case clocks
used to be easier and cheaper.'
I remember being astounded,
less than 20 years ago, that it
was possible to buy beautiful
and elaborate mechanisms, of
such age and quality and in
going order, for under £30. And
that was for an 18th-century,
eight-day dock. A 19th-century
30-hour affair would be practi-
cally given away in the nrid-’SQs.
Times and appreciation have
changed: today those prices
have far outrun inflation and
multiplied 40-fold, and more.

Setting aside the classic
names (Christies are selling a
Daniel Qnare on Wednesday),
the aristocrats of the long-case
dock are the “ regulators ” —
docks for purposes where
absolute accuracy was de-
manded, and incorporating
extraordinary refinements to
counter the effects of heat

expansion and other enemies to
precision. The casework of the
earlier “regulators" was often
beautifully austere, as in the
Regency example illustrated
here, which wlQ probably
r ealise around £4,000 (a modest
enough price by today’s
standards) in Christies sale on
Wednesday.

SPORT

In spite of the TV ratings, Ben Wright votes for Craig Stadler

The rise of a new golf superstar

LAT Craig “The Walrus" the American tour it might be , 'TI^M blonde clones that i

idler, wanner of U.S. different. But one can hardly off the collegiate coi

THAT Craig "The Walrus
Stadler, wanner of U.S.
Masters, is $tiH very much an
anti-hero was made obvious
when CBS television's audience
ratings for the tournament were
announced as tower than those
achieved by a recent 10-pdm
bowtUng evens on ABC, the rival

A duel between Stadler and
the American tour's longest
hitter, non-wine er Dan Pofri.
was obvnotBsfer less attractive
««mv the 1961 confrontation at
Augusta between Tom Watson
and Jack NlcldauS as the pub-
lished Agates graphically
emphasised.

But Nacfctecs knows how diffi-
cult ft can be to m public
approbation, having been
jeered as “ Fait Jack ” in those
tong gone years when he dared
to the “ Mug," the

great Arnold Fulmer. Incident-
ally, Palmer, who is now 52,

the American tour might be
different. But one can lordly
blame the Spaniard for opting
for easier pickings in Europe
and elsewhere.

Every week I watch Stadler
I become more and more
impressed. There is mot a
single weakness in his awe-
somely strong game. He is as
long as he needs to be with
woods and Irons and increas-
ingly accurate to boot He is
arguably the best pi*t«r of aU
— he leads the statistical table
in that department — as he
also does for having scored the
most birdies riris season.

His touch around the greens
and from bunkers is as remark-
ably velvet smooth as- is that of
so many big men. At nearly
16 stones, be hardly sways
around in the breeze.

Stadler is 28. His pedigree
is flawless. Brought ig> through
the junior programme in sunny
Son Diego, where he took up

finished tost of the 47 qualifiers the game at the age of six, he
at Augusta National, but since W oa the World Junior Cham-

such luminaries as Hale Irwin
and Johnny MRer, not to speak
of Europe's pride, Bernhard
laager, were eliminated after
36 holes, Palmer hardly
embarrassed himself.

It may seem almost perverse,
perhaps even laughable, but I
strongly believe Stadler will
become golfs nest superstar, as
Nickftaos’s skiH ebbs away and
his nerve ends fray. Not Wat-
son, who is far too erratic and
insufficiently -charismatic; not
Toon Kite, who is a -proven non-
winner; not Jerry Pate, who has
all the talent but lacks the
deeper auteltogecce consistently
to apply it; but the portly
Walrus wfrtfc his enormous long
arms, toat droopy moustache,
and a (temper whose fuse is as
short as his strong, stubby legs.

No romantic figure, this —
bolt a champion of the people
— one of us, as it were. Now
if the handsome Seve Balle-
steros ever decides to devote
all hds energies and ability to

Squiggles and dots . . . and the growth of Islam

COINS

JAMES MACKAY

Mohammed who forbade the would-be student is fortunate in
maitwf of images, do not hove that Seaby^s have recently pro-
any figured motif, far less the- duced a second edition of

IN RECENT years a regular
feature of (he auction calendar
has been Sotheby’s sales of
Islamic coins. The fact that a
major auction house can put
together sufficient material af a
relatively specialised nature to
fill a sale of such magnitude as
to attract the leading inter-
national dead era, every few
months, is indicative of the vast
potential of fstomdc coinage.

Significantly also, these sales
attract a high proportion of
private buyers and one suspects
id rat much of the tirade bidding
is on behalf of cheats jn the
Near and Middle East Con-
sequently. this is one area of
numismatics where the market
continues to harden, though it
still has a considerable amount
of leeway to make up.

Islamic coins have been
around now for 1,400 years and
have been struck as far afield
as Seville and Slnkrang. The
overwhelming majority of them,
following (he teachings of

portraits of rulers.

Instead, great attention was
paid to ornamenting (he Arabic
inscriptions which . often
included quotations from (he
Koran. To the layman Istasnac
coins often seem monotonous
with (heir- endless lines, of
Arabic, a bewildering jumble of
squiggles wad dots. Great
Ingenuity was shown in toying
out toe toscrijtions, however, so
that toe lettering, especially the
ornate Cufic script, took on a
beauty of its own. Ignorance of
Arabic has always been the
main atumbfing block to an
understanding and appreciation
of these coins and explains why
toe market in them has lagged
so far behind all other fields.
Now that toe Arabs themselves
are showing an interest in torn
cultural heritage, of which
numismatics played so notable a
pari, toe market is rising
steadily, but (there is still a
great deal of scope for toe
Occidental cojQeotor wfflfing to
take a tittie time and trouble
to master toe intricacies of
Arabic script.

This is oat at ail as difficult
as it Bright appear and toe

Richard Plant's excellent book
Arabic Cains and how to Read
them (£4.50) which is available
from most coin dealers or
direct from the publishers, B. A.
Seaby LttL, AudSey House, 11
Margaret Street, London WIN
8AT. Armed with this weH-
rLlttSfcrated guide, the collector
will have no difficulty in locat-
ing key-words to toe inscrip-
tions and tii ear translations.

. What Arab coins may have
lacked pictorially they amply
compensated for in the wealth
of precise detail contained in
their inscriptions. Long before
European coinage began includ-
ing dates, or even sequence of
mint-marks which could be
dated more or less to the year
of issue, Arab coins were giving
the date in the Moslem calendar
Artno Hegirae (ie, from the
flight of Mohammed from Mecca
in 619 AD) and since Arabic
numerals are very easy to read,
dating them Ls seldom a prob-
lem. Not only are the names of
rulers invariably given in full,
but the names of provincial
governors, officials and magi-
strates. where relevant, are in-
cluded with the names of their

districts.

Sotheby’s sale of Islamic
coins next Wednesday runs to
over 500 lots and commences
with a silver drachma struck by
the rebel Al-Katari Ibn al-Fuja’a
in AJL 75 (694 AD). Although
described as “ good fine and
rare " this coin has an estimate
of only £80450. An Anglo-
Saxon sceat of toe same period
would rate 5-15 times as much,
even for run-of-the-mill material,
while a coin of similar quality
and rarity would be worth con-
siderably more.

The Arabs used the coins of
neighbouring countries until the
middle of toe 7th century when
Caliph Abd al-Malik introduced
a coinage based on the gold
dinar (denarius), the silver
dirhem (drachma) and the
bronze fils (follis). To this day
fils and dinars are used by many
Arab countries and dirhems are
used by modern Morocco. The
early coinage of toe Omayyad
rulers, beginning with Abd
al-Malik, have long been fashion-
able because they represented
the earliest of Isl am ic coins and
consequently the level of prices
is much higher- Even so, toe
fine range of gold dinars in the
Sotoeby sale, from the first
century of the Omayyad regime,

average £1504200 each, while
the very much rarer gold hajf-
dlnars rate £5004600.

As the reforming zeal of toe
Caliphate waned, and the Arab
empire disintegrated into petty
kingdoms, toe range of coinage
became exceedingly diverse
while keeping within the frame-
work laid down by Abd al-Malik.
Something of this diversity can
be seen in toe sale which In-
cludes dinars of the Abbasids,
the Tulunids of Egypt, toe
Abbadids of Seville, the Agfcla-
bids, the Almoravids of Spain
and North Africa, the Fstimids,
the Hamdanids of Mosul, toe
Buylds of Iraq, toe Seijuqs of
Rum, toe Marinids of -Morocco,
the Nasrids of Grenada and the
Kakwaybids of Kurdistan.

There is a very fine and rare
example of a Crusading dinar
of Acre of the mid-13th century
inscribed in Arabic “struck at
Acre in toe year 125 — of toe in-
carnation of toe Messiah," and
yet it is estimated at a mere
£600-£S00 — very much less than
comparable gold coins from toe
medieval kingdoms of north-
western Europe. The sale ends
with some of toe exceedingly
rare coins of Sultan Qabus of
Oman issued within the past
decade.

pdonsiap in 1971 and the U.S.
Amateur Championship at the
Invertiess club to Toledo, Ohio,
in 1973. He and George Burns
won both (their foursomes
matches to the 1975 Walker
Cup match at St. Andrews and
Stadler his only single on that
disastrous second afternoon for
toe home team. Incidentally,
team mate Pate was beaten, in
both foursomes and Us two
singles.

Since turning professional
soon afterwards Stadler has
increased his eanrings every
year, finishing 66th on the
money list with $42,949 to 1977
and 48th to 1978 when he won
the Magnolia Classic played
concurrently with the Masters.
He was 55to to 2979 when be
shared the lead at the Masters
after 36 holes, and in toe past
two years he has twice finished
eighth on toe money Hst by
winning over $200,000 each sea-
son, and won three tourna-
ments.

Last week in toe Tournament
of Champions at Rancho La

Stadler ... a class above toe college
dones

Costa, just north of San Diego,
he overcame the inevitable
reaction suffered after his
nerve- wracking and emotionally
draining Masters triumph, and
finished with a blistering round
of 64 that took his earnings
already this year past his 19S1
total of $218,829.

But it is his growing mental
toughness that will eventually
put Him in a class above his
rivals. His appearance and
waddling gait are so very dif-
ferent from the handsome

blonde dones that are spewed
off the collegiate conveyor belt
in ever increasing, depressing
numbers. In short. Stadler is a
considerable character — and the
game desperately needs them.

Of course. Stadler still has a
villainous temper but it is
always directed at himself — and
only on the golf course— and
there are few players who do
not really enjoy playing along-
side Mm. In any rase his
incendiary outbursts are over
almost before they have begun.

Stadler is slowly but surely
harnessing this anger us suc-
cess begets success. As he says
with such attractive candour: "l
know that evciv time I go out
there and play badly I can still
shoot 70. If I'm playing well it
wiH be 64 or 65. It's easier not
to get mad at myself with this
knowledge. **

A last afterthought on
Startler's Masters victory con-
cerns Augusta’s four par-os, the
555 yards second, toe 535 yard 1 ;
eighth, the 465 yards 13th and
500 yards 15th holes. It is con-
sidered mandatory for a
Masters winner completely to
dominate these four holfe.
which obviously present as n
quartet toe easiest birdie
opportunities.

Ray Floyd was a record 14
under par In his 1976 triumph
Last year Watson was nine
under for the par 5s.

But Stadler won despite his
play at this quartet, at which
he was a total of one over par.
He recorded but two birdies
both at toe second hole, but
these were offset 'by a seven
there in his crucial round of 67.

The holes at v: hich he can he
said to have laid the foundation
of victory were the 180 yards
sixth, the 435 yards ninth, and
the 485 yards 10th which
despite its length is played so
steeply downhill it carries a par
of four. At these really
treacherous holes Stadler was
an amazing seven under par. In
the words of the late Henry
Longhurst: “And there you
have it"

Togetherness and Greenwood

RON GREENWOOD'S squed of
22 for the match against Wales
at Cardiff on Tuesday must be
much the same as be will use
in toe World Cup. There are
only three further soccer inter-
nationals, against Scotland,
Holland and Finland, before
England go to Spain.

.An examination of toe chosen
group suggests tbaft they should
beat Wales but lack toe class
and the cohesion required to
succeed at toe highest level.

The most impressive feature
of the squad as toe three goal-
keepers, Clemence, Shilton and
Corrigan. Not only are all three
good enough to be first choice
for most countries, but if all
three were injured there are a
number of high-quality replace-
ments, including Rammer, who
is surely keeping better than he
has ever done, and Parkes.

The same wealth of talent
cannot be said to apply to
centre-backs. This is under-
lined by picking Butcher, who
has only played two games for
Ipswich since injuring his nose
so badly last January that be
was jft hospital for more than
a month and has still to estab-
lish himself in international
football.

rr-v*
1 ■ ■

SOCCER

TREVOR BAILEY

SHAW. 01-388 1394. BRING MX SUN-
SHINE. BRING ME SMILES. C. P.

mCAIKU

1 only.

ROYAL COURT. 5 CC 730 1745 . EWg
8.0. Mon «ll 62- NOT QUITE

JERUSALEM by Paul Kember.

Tuesday Mat 2^5. Saturdays 5 6 8.
A oaths Christie's THE MOUSETRAP.
World’s tonnest-ever run. 30tb Year.

SADLER'S WELLS THEATRE, EC1. 8S7
1672/1673(3858. Credit cards 10 *m
to 6 pm 278 0871IBS7 7505. Grp J»le*
379 6061. 24 hr Instantly confirmed

KENT 00 OPERA. Last Perl Toot 7 JO

NciT' 0 Pnjrt iS~ttoii — — 0|fgnb«tl'g THE

S?S”28 th S

tarhra^Duce SnbKrtpUoa Sox*. JeU
Cl -278 0855 for brochure «nr **"»•

AM PLE? FREE PARKING after 6 JO wn-

SAVOY. S 01-836 8888. CC 930 0731.

MICHAEL rafM&I: D,reCted *

■year Noll Simont Hit

CONTI with SHEILA BRAND. THiTHE
HAVING OUR SONG. DAPS £4
mat only)- Students M- W *j!2

Utfpcf 1. Sats 5 & 6.50. Croon evu
bfc& 030 0731 14 lines).

0.00-4.30. Red aroup bkn 01-839 309-..
MUST END MAY 8.

immmm

FINANCIAL TIMES

PUBLISHED IN LONDON & FRANKFURT

w.-j MMm Tta BmUHmH USlWb telCiHI NPN, ® SlMt, iNAl CBPBT.

SHagw g.Hlta,>aa50g.TNM ^

FMktat outer Tta nmdrt

WMt Gamer- Tafac 4U193. T rfuhi w 75900. EMM tab Fnakwta 71 fBL TtaE 41HHZ.

75W157,

INTERNATIONAL & BRITISH EDITORIAL * ADVERTISEMENT OFFICES

tartMtataa 3* Mtatt 5. 7*4416772.

AmMm: M. Bra 12* W*ita-C.TtaE
16527. Tab 77b 796-

>NMm ttbrU AtartMwGrar**

■SrfflfiuSlK.T5S5a5B.Td!
12164 Ma

B— : P r ui M ra U/10 4 HwwB« 2-H.Trtta
8889542. Tab ZMG59-

anxHb: 39 Era DM*. Tflta: 2S2B. NBC 512
3404. T* 232 SOW.

MMttW BMkle J 1 "

ftonMi Cantata 456, Cad* 1366. T*

JMTHCl

Grin: PA Brt 2040- life 7SWB2.

BBUta 25 Saalli Aetata 1L, HMslTtan

25414, Tit OaMa OUSTS.

sssr&^fwstsaiKSs

4120. ta sN M — T4h flH-326 4U4.

7X51. Tatae

Ibt, Omb SU H2 5HT. Trite
06M34 9m.

Marita Cite *uaa Atafebna 12*30,1
MF. T* 555 UN.

,-hfc

■StrSoias!

n aa htafc OHataT
4U0Sa Tta 79W
54. TWh: Qiin. Tab 79984.

Haw Kata taaai 9 R, «BM| Cta«B IB f *
Read CwfaaL Take 75264 NX. T*
5395166.

Jabiaitaar FA Bn 2128. Tata:8«S7. Tab
838-7545.

PmeaEa JUafrta 38 - 10 , LtaaniTdrn

12533 . Tali 312 908 .

Trim 413300
taw Yaric OKhW jbN tariUw 75

738409- Tat (232 489 OOfc
Parte ut&Uml Mmmwtjab* CMM m
uSmi. US PllilGNln

COL Triac 220044. Tab 297 2000.

■U * Mn Bla 8mci Mb 261WM2,
C&ta I0UM.1N JtJtata UtaakTah
269 8845. titar c/a Hasten.

■*»* »

610O2.nl: 67B33M.
ctactaaR fHtariW Svanta - BnHaMt,
7. Trias 17603. nt» 60 H.
Mi Mat Itaaw Krint,

.iMWttaUa

eCc 245 005*. Tab 20 2920 . .MnKU«

Staatan BriMfca, 1*40 ihWwta,

efflka. rSmsam. t* m mo.

m 924 Jtattnri Pim
,Wa>aiiwtew BA aOQg. Trine 44P40.
Tri: CBS) 347 6676.

Worn

For Stare Imtac and Darin*** HT^rZl^ar^niffi?

(number, preceded by tta appropriate a rw code v «IM In London,
BburinghaBit Liverpool and Manchester)- . j _

A*afrartlitaBtakrttetai»i*tartwr««lt^

Important Auction Sales
May 6th - May 25th, 1982

AUOOSIEXODIM(PaifcI840-WI7
tksOBV ricaed on (he pfiatfe A.

«LDpEBseara, bn/Sta

Important PAINTINGS of (he 15th tbraotfi the atUi ccn&uy,
WATEKCOLORS. DRAWINGS. GRAPHIC WORKS, BOOKS and
SCULPTURES of die late I9tfa and the 20th centuy.
ENGRAVINGS: drawings, wataedkus, gonacfaat of the 16ft through tiba
1901 taituij , old prim*, topographies and decorative pitas.

Rare French FURNITURE or the 17th, I&h and I9th cafiray.

A targe coHectRm of RUGS and CARPETS, TAPESTRIES. ARMS.
Rare CLOCKS. Bracka docks. MINIATURES.

MEDIEVAL ART end CRAFT.

SCHULPTURES, BRONZES. MUSICAL INSTRUMENTS.

ART NOUVEAU.

European PORCELAIN and FAIENCE. SILVER.

i Mpflf flMi cp{fcgfinq of JEWEL S. .

Important caBerim of ORIENTAL ART, FAR EASTERN CERAMICS.
VINE.

PREVIEW Aprfi 23rd through May 4th, daily from 10 mn. » 9 run. After
May <tb and uffifi the day of the sale, apporiunents may be mxdc for ptivite
viewing.

Pteu* 15th to20th century, - OW Gravies, and Htorika SEr.30-

Ccaphk Art, SaSpbats and Books, Aa» and Fto Eastern Weeks
tae 19th and 20th century Sft.40-~ of AiLmdndiiiaCenunkl SFT.30L-
Ponritnrc, Aits std Crtfe- SBr.40.- Jew* Sft.30.-

Galerie Roller Zurich

pnm«tT*a - * wru TH, {011475040. TOOL 58500

GENEVA ZURICH NEW YORK

art galleries

LEFJEVRE GALLERY. 30. Bruton St. W1.
01-493 157213. AN EXHIBITION OF
EDWARD BURA. 1075-1970. MOft^Frf.
10-5. Sat. 10-1.

V!

Do you
always get
the best price
under the
hammer?

By Its nahn^ an auction is not entirely
predictable.

Sometimes, of couise* you'll geta
better price than you dared hope.

On toe other hand, not everyone wants
to chance getting less thanihey
expected. ‘

Tfyoa want to be sure of a fair and
accurate valuation of something you
treasure; come toSpink. And not only
will we value It — very often well buy
h. Immediate payment No buyer's
premium. And no uncertainty
Alternatively, we'll sell it on your
behalf.And you can still be certain of a
good deal

Can you afford not to go to Spinfc?

SffMJaroLhL

E«^itafivMd^iBealoB-SQKr->Mdfa7*CdcBld^)ta«dltataM —

ART GALLERIES

ALLANS — L oorfq n’i oi>*r Gallery entirety
d noted to mctHe art. Hud embroWored

xJHc pfcture* for slvtns iM collecting Irani

S OO to £ 2 , 000 . Now aedutcitiofu an
ooese dm, and richly embroidered
antique zflie scroll*. On the lower ground
floor of Allans Famoos 5iUc Shoo. 58/58,
Doha Punt. GnOmor Square/Oxford
Stmt. Wl. Mon.-FrL 9-S, Sat 8*1.

RICHMOND

Lor

GALLERY,

RICHARD GRECH GALLERY. «. New Bend

SC. Wl. 499 5487 . EXHIBITION OF
FRENCH PAINTINGS. Datty 10 - 6 . Sat.
10 - 12 . 30 .

UfMlEY CAZALET. 24 . DawlM SL, Wl.
490 5058 . mm Prints: MAMET to
Mina Until 30 April,

OOCAR « PETER JOHNSON. 27. Lowodai

8h. Lonstao, SW1. April 27-May 18.
71 m Art of bifltWt WiMrcolour.

KY, 8 . CMC Street.

_ WT. An exhibition of oalntinas

pr Gaston domergub. i 855-1*27.

MwL-FrL 10-6. Sat 10>1. 01-457 0264.

DAVID CARRITT LTD., IS. Daka Street.
St. Jamea’i. swi. INDIAN PAINTINGS.
1 S 2 S- 182 S. Until SO April. MOfl.-FPL
»o-s.

WILLIAM DRUMMOND. Cowot Garden
GaHtrr. 20 . RlcmkHI SL. WC 2 . 836 1139 .
Until M: — ■

oral May 7th akthuk rKcucKii_A
PAVlrt, %rt«rcol<K«r* In tta BriHrt Wee
wd Prance. 1849-1860. Dly. 10-5 JO.
Thirb 7, Sata, 10-12-30.

royal soanrv ftp portrait painters
at Tho Mall Gjrlicrlct. The Mall. SWI.
Anneal Exhibition — MotL-Sati 10 - 5 . Till
13 Mar. Adm. sop.

Altoough Thompson is a
taientfed player with a well-
developed positional sense, he
is at his most effective when he
has a tall, powerfully-built
partner. It is a pity that the
former England centre-half.
Watson, is not a few years
younger, as toe present choice.
Foster, is still only in the
“ highly-premising " category.

The four fuU backs have one
thing in common. All excel at
going forward into attack. This
is hardly surprising as toe
majority of cQubs rn the First
Division use onjy two forwards
so that full backs have plenty
of opportunities to move on to
the offensive.

Here the similarity between
the quartet ends. Neel and
Mills are uncompromising
tacklers and experienced cam-
paigners, especially adept at
taking up good attacking
central positions.

Although they have the
tactical knowledge, do they still
possess toe pace necessary to
cope with toe fast, clever
raiders vrho wiH be in Spain?
Their rivals, Anderson and
Sansom, have youth cm their
side. Anderson is fast, leggy,
crosses the boll well from the
right wing and can score goals
with both his feet and his head.
Sansom has toe skill to dribble
past defenders and is nippy,
mobile and chunky.

Other assets include a skilful
left foot and a Jong tbrowVn.
Both are occasionally prone to
lapses of concentration, some-
thing which no defender can
afford at the highest level.

In midfield there is no
shortage of talent Robson is
the most complete footballer in
the team and the elegant
HotkHe has frequently looked
world class with Tottenham
Hotspur this season. Although
Brooking and McDermott may
possibly just he past their
peak. Brooking still has the
albUity and the imagination to
create openings and McDermott
is dangerous with his darting
runs off the ball, something
which is understandably recog-
nised more by bis Liverpool
colleagues than England.

Wilkins has a foofbaU, brain
and is an expert at providing
precise passes, which was why
he was able to take on the
unfamiliar role of sweeper, or
deep lying half-back in the last
international so successfully. It
will be interesting to see if he
is used in that capacity against
Wales.

Up front, Ron Greenwood is
covered for whatever system he
eventually decides to employ.
He has- two old-style centre-

»5 . v -vjtyv +

Greenwood: his men should beat
Wales, but ...

forwards, Withe and Regis. The
Aston Villa leader is outstand-
ing in the air, whether heading
at goal or laying one off for a
team-mate, while Regis is at his
best when he can run at an
opposing defence. In contrast
he also has two gifted froni-
runners in Fronds and Wood-
cock. who may have the skill
needed to prize open toe tight
defences which will be encoun-
tered in Spain.

Places for a left- and right-
winger have also been found in
toe squad, but it is most unlikely
that Morley and Coppell
will be included, unless they
are used on the respective
flanks of a midfield quartet.
Coppell, anyway, has been
forced to withdraw through
injury.

Finally, there is the irrepres-
sible Keegan, who has been
enjoying a wonderful season
and has -been consistently scor-
ing, which is important because
it provides the confidence to
shoot rather than pass.

He would claim a place in
any of the World Cup teams,
as he is fast, clever and brave,
a maker and taker of goals,
and an inspiration to the other
players, provided he does not
try to do too much and loses
his edge.

But there are four reasons
why I do not fancy England's
chances in the World Cup (I
would dearly love to he proved
wrong). The defence appears
suspect, there are not enouEh
outstanding players, and vital
club games will make it hard
for Tottenham, Liverpool and
Ipswich players to raise their
game.

Finally, Ron Greenwood has
experimented widely, but still
does not -appear to have decided
on toe formation which is most
suitable for his players and
which they all fully understand.
This suggests that we could he
short of that vital ingredient,
tram cohesion.

SPORTS DIARY

RACING: Today: Whitbread
Gold Cup (Sandown); Flat
meetings at Beverley and
Leicester, mixed Flat and
National Hunt meeting at
Sandown; National Hunt
meetings at Kelso, Bangor-on-
Dee and Market Rasen.
Thursday, The 1,000 Guineas
(Newmarket); Friday, Jockey
C hib St akes (Newmarket).

CRICKET: Brighton Indoor
Championship, today and
to morr ow.

SOCCER: Wales v England

(Swansea). Tuesday; Nor-
thern Ireland ' v Scotland,
Wednesday.

TENNIS: British Hard Court
Championships, Bourne-
mouth, ending today.

SQUASH: Banbury Finals,

Cardiff, today and tomorrow.

SNOOKER: Embassy World
Professional Championships,
Sheffield, Friday until May 16.

SAILING: European Spring
Championships, Alassio, to-
day and tomorrow.

Financial Times Saturday April 24 1982"

FINANOALITMES

BRACKEN HOUSE^ CANNON STREET, LONDON EC4P 4BY
Tetegrams: Rnkntimo, London PS4.Telex: 8954871
Telephone; 01-248 8000 '

Saturday April 24 1982

uncertainties

THE FINANCIAL markets are
rather good at brinkmanship.
Exercising a form of rational
expectation which does not
appear in the theory books, they
expect people in the last resort
to behave rationally. Crises
will loom, but on the whole
they will fade. As uncertainty
rises, dealing margins widen,
and there is less trade, but that
as about ail. The behaviour of
markets in general, and the
gold price in particular, says
that investors do not see Arm-
ageddon in the South
Atlantic— nor in an altogether
likelier spot, the Lebanese
front. Some nasty skirmishes
have been discounted; but
afterwards, the markets expect
the world to look very much the
same.

World scene

This may look like a hopeful
message, but on closer inspec-
tion a more cynical message
comes through. After all, if the
Falklands crisis and the possi-
bility of a new— though limited
— 'Middle East war have not
noticeably darkened the invest-
ment picture, it must have been
pretty unattractive to start with,
and that unpleasant fact is
worth remembering at the
moment

The one bull market which
has developed in the last few
days is is forecasts of what
might be called the “ If only
. . .” schooL The underlying
news is good; Inflation is com-
ing down, public sector borrow-
ing is under control, and if only
we did not have these crises, or
even just the Falklands
crisis. —

Coherent policy

This is a faulty analysis in
two senses. First, it is trying to
count the same good news twice.
Good news on inflation and
fiscal policy has been expected
since the Budget. Zt was already
discounted in the pre-Falklands
markets.

Secondly, it rests on a out-of-
date form of analysis. For a
long time It was true that the
market was waiting for a coher-
ent policy against inflation. High
interest rates and poor equity
values simply represented an
attempt to discount the ravages
of expected inflation, and it was
sensible to talk as if the bond
market was a kind of perpetual
financial opinion poll about ex-
pected inflation rates.

Long list

However, that ceased to be
true many months ago. The
downward trend of inflation in
this country has been perfectly
dear for well over a year; in
the U.S. the reversal has been
more recent, but more drama-
tic; However, the markets have
not responded, except in the
most subdued fashion; hence
what has been widely discussed
as the abnormal rise in real
interest rates.

Real-interest-rate watchers
are no doubt waiting eagerly
for a resumption of more
normal yields, and so far as
government bonds are con-
cerned, their patience will no

In sum, there is plenty to
preoccupy markets apart from,
threats of war and default To
be sure, the news is not all bad.
The IMF agreement with
Romania may have removed one
defaulter from the danger list
At home, the error in forecast-
ing the PSBR helps to explain
the high level of private sector
borrowing— the squeeze was
unintentionally tight so borrow-
ing may subside to more normal
levels. We do in the end
tend to muddle through, as the
placid performance of markets
suggests. But there is rather
a long last of ** If onlys . . .” to
get through before we can ex-
pect a turn from- wariness to
confident celebration.

Letters to the Editor

Exports

From Mr R. Ledingham

Sir, — Professor Thuiwall’s call
for tax incentives to encourage
exporters, reported by Max
Wilkinson (April 15) may harm
rather .than help the economy.

There is no difference
between the economic effect of
exporting and the economic
effect of import substitutions
and manufacturers should be
encouraged to pursue their
home or export markets to a
degree that reflects solely the
market's profitability.

If this is done we may avoid
generalising the strange strategy
of British Leyland whereby it
heavily discounts the Metro in

an attempt to sell it fin Belgium.
The discount used to sell one
car in Belgium would almost
certainly encourage .the sale of
two cars in Britain. Two cars
not imported are better for the
economy than one car exported.

Before we do more for
exporters we should target
imports for substitution and
assist and encourage their local
manufacture by British or
foreign companies.

I would concede, fflrat in a
hunted number of high tech-
nology industries an advantage
is given by the economies of
scale resulting from manufac-
turing units with capacity to
supply world markets. Invest-
ment in such facilities already
gives rise to major tax conces-
sions and it is possible to argue
that such investment in the UK
would be more encouraged by
stable exchange rates which
would uot expose capital inten-
sive industries to massive losses
of revenue or erosion of com-
petitive position when the
pound is strengthened to achieve
the short term political goal of
reduced inflation.

Assuming that tax concessions
granted to exporters are
acceptable within GATT and
EEC rules, they will have to
be paid for. If they are paid by
increasing the -tax burden on
non-exporters, there rail be a
weakening of British industries’
ability to compete against

imports, offsetting any possible
benefit.

R. A. Ledingham.

6 Hardwick Road,

Hethe, Nr. Bicester >

Oxon.

Trustees

Councillors

From Mr D- Franklin.

Sir. — “ Advertising; a local
government weapon " (April
15) highlights the absurd way
in which ratepayers' money is
being spent. Less than 19 per
cent of monies spent by elected
councillors is provided by the
voters in their boroughs and
those who contribute most are
helpless to control the
councils’ spending.

The rights of elected coun-
cillors to determine their own
affairs are based on the assump-
tion that councillors are
accountable to the people who
contribute towards their spend-
ing. Under- our system .this

AUSTRALIA’S NATURAL RESOURCES

The boom begins to fade

Wars and other

doubt be rewarded in due
course. - As far as the - more
general picture of market com-
mercial rates is concerned,
though, the whole discussion of
real interest rates is an irrele-
vant distraction.

In the UK, after all, we do
now know the real interest
rates expected by the market,
at any rate for the long term;
they are the real yield of 2J per
cent or so indexed gilts. If we
also believe the official inflation
forecasts, which look steadily
more credible, money interest
rates should be falling rapidly
into single figures, and U.S.
rates should already be there,
comfortably- They are not.

The missing factor, of course,
is uncertainty. Markets may
well now be setting a lower in-
flation premium, but they are
setting a higher risk premium.
One risk we have discussed at
length in the last two weeks:
the risk of financial failures
which is always attendant on
disinflation.

However, there are other
problems — which bring us to
the third fault in the “If only
..." analysis. It is far too paro-
chial. Our own troubles in the
South Atlantic — not to mention
the perennial disputes with
nurses and dockers — are not
really very important on the
world scene.

Even if General Galtieri. had
never embarked on his silly
enterprise, and if Mr Begin
had shown more consideration
for his distinguished American
guest, there would be largo
uncertainties to digest Fresi- .
dent Reagan and his Congres-
sional critics are indulging in
brinkmanship over U-S. budget
policy, to the intense disquiet ,
of Wall Street Political and i
policy arguments make it j
increasingly hard to chart the
future course of Italy, France
and West Germany. j

On the commercial front* the {
oil market also now appears to |
be the scene of a potentially !
unsettling power struggle. Opec
has proved more cohesive than j
exported, and cut production :
sharply; it can no longer be
assumed that the price will fall

From the Chairman,

British Legal Association

Sir,— The banker that Rose-
mary Burr quoted (April 3)
really ought to bring himself
up to date. Solicitors are not
permitted to charge on an ad
valorem scale at ail let alone
for conveyancing. The banks,
however, still continue to over-
charge the public.

I have recently seen the
accounts of an estate valued at
under £35,000 (a house worth
£25,000, two insurance policies
and some savings). The solicitor
charged £34.50 to transfer the
house to the widow and some
£86 to obtain grant of probate.
The bank charged— in addition
—£2,020.98 including VAT.

Solicitors’ charges are open
to examination by the Law
Society or by the Court— the
individual has no appeal against
the banks. I hope this meets
Rosemary Burr's challenge.
Stanley Best
British "Legal Association,

29 Church Road ,

Royal Tunbridge Wells, Kent.-

does not happen and conse-
quently the competence of
elected councillors cannot be
tested or questioned.

In 1979 the district auditor
of the accounts to the Borough
of Lambeth drew attention to
the serious situation of the rent
arrears which were then £2.4m
and today they are above the
£5m level. Rates have risen 179
per cent since the present
council took control but as
voters only contribute 6.18 per
cent of the monies spent by
elected councillors they wDl
display the apathy typical of
council elections.

For councillors to spend
money on advertisements is
rather like highwaymen using
their victims’ money to promote
advertisements exalting the
virtues of their trade.

D. G. Franklin,

121 Kennington Road, SE11.

Lloyd 9 s

From Mr N. Parker

Sir. — Mr Comery*s letter
(April 16) about the Lloyd’s
Bill ends with the words, “and
remove the divisive feature in
the present Bill whereby work-
ing names have eight times the
voting power of external
names.”

1 am petitioning against the
entire principle of classification
of members into working and
external names, and not merely
on the Issue of voting rights.
While it is true that de-classifi-
cation would automatically
result in equal voting rights by
virtue of a single electorate, the
number of council or committee
places occupied by those who
work in the market matters
little so long as there is no legal
difference between us.

N. Parker.

56 Curzon Street. WI

Colonialism

From Mr M MitekeU
Sir,— President Galtieri de-
clares that Argentina is com-
mitted to ending "one of the
last chapters of toe colonial

By Adrian Dicks, recently in Australia

R ecession has been slow

getting to Australia. Even
sow that it has arrived
(by common consent among
Australian economists), it looks
distinctly less alarming than in
Europe or the UB.

The economy is still expected
to grow by about 2 per cent this
year, according to policy makers
in Canberra. Real investment,
which in each of the past two
years increased by a staggering
25-30 per cent, has slowed down
in recent months, but is still
likely to rise at least 10 per
cent this year.

In spite of indications of
robust expansion, many Austra-
lians have become convinced m
recent weeks that a boom era
is fading fast Nowhere is this
more apparent than in what is
loosely known as the resources
sector — Australia's enormous
metal mining and processing
industries and huge energy
developments in coal, oil ana
natural gas. Earlier this month,
for example, the Department of
Industry and Commerce issued
figures showing that the value
of mining and manufacturing
projects at the final planning
stage had fallen from A535.5bn
f£21.Ibn) at the end of last
June to A$32Bbn at the end of
December.

In addition to the evidence
of the official statistics, the
Australian public has seen for
itself the steady slide in the
stock market in recent months,
in which mining shares have
performed especially badly
(though there were signs of a
modest rally late last week).
Earnings of the major mining
houses, heavily influenced by
depressed world prices for base
metals and gold have been
almost uniformly had, while
this spring's difficult price nego-
tiations between Australian
iron ore and coking coal
exporters with their most
important customers, the
Japanese steel companies, saw
settlements at prices well below
what the Australians claimed
they needed to show an accept-
able return on investment.

Not least, Woodside Petro-
leum, the linchpin in the
biggest and most ambitious of
all Australia’s current develop-
ment projects, the North West
Shelf natural gas scheme,
announced in early March, that
delays in concluding firm sales
contracts with its Japanese
customers had made it neces-
sary to postpone the second—
and more expensive— phase of
the project by a year.

The resources industries have
also had to contend with trans-
port bottlenecks and with
strikes, such as those at the
New South Wales coal-loading
terminals which have kept
.some vessels waiting offshore
for months on end. Overall wage
increases in 1982 are expected
by both official and private
forecasters to accelerate to
about 14-15 per cent yet trade
union claims which are pending
in some mining and metal pro-
cessing companies are nearly
double that figure. On the
North West Shelf project, con-
struction wage costs in some
areas have risen 70 per cent
above estimates.

Mining executives and
bankers, as well as some influ-
ential figures in Canberra’s
corridors of power, are
inclined to point an accusing
finger at Mr Malcolm Fraser,

* v o»

.KJKTLATJA

600 Tsav/ffil

not develop
markets.” .

HEAD— RaSCBEHHTi M T » .v- V- ■ ■ •••"

i goo m o ^ 1 Tasmania

k nj»TUw

rocKATOO cajjoVXyi*

CANNING

Wplpi# BASIN

w gqlmmchuw

■V““i

(COO KAMA l

BSB

mfmmm

fM.tMv'.vXv.svlvI'U

iMiimm wvot 0Q

m

CANNING

BASIN

ivflBKMVEAQ

GOLOSHOATW

1 "*nio«njwoL I w **

NorttePB

00 ! fi

0 MDT “7 T vii

TOUKTCnEK 00*1™*

BUM

OftttNVALf

WMBWTH 0

lOUNKanu

KDOPJU&CftlE
jfl NBBB KOOE

^ -OjO ibcottvs marts

Territory

WWKMHUW

Proven Econo/iB‘c-^. ~L =
Stack Coal Resources

lAjx5»i3«S

awmtmt wa.

Western Australia

DRMtBE ‘

O ©Oj—

^ yaUW mmm:» 0*w»w.
own GO BOTE 0OO

n-nn, ^ . CAM KMMUKU

\

lllfL^GO S

KOOLYAKOMtm

COOPER
Sootb Anstr alia basin

BOWEN

BASIN

mXm*‘T ni V a *k

O r^i«W*iwG0

mu ^wueumAr. XT

O RHHUJIS j/H&i

remntMiM /£wSS

BCKBVDOHNI

GO •

MT6UW0N 0

■evEHUY

o

Vtf ; BROKEN MU.

,i New

o ?

NMU. *• cobar GOO

New Sonfft Wales

Q ALUMINIUM ■© COPPER O IBflN O LEAD

a. OOO

» mOQUWM

Victoria W i

VL a _n Afiflfcoome\i

a

Japanese customers, on
other hand, are .braeasinSw •
loath to be locked - mitfiSE-
term deals. In plaefruf'tftem'’
14 year sales contract^ ■

Utah and its partnerci&CteiSi'’
Queensland . Cos! VAaac&S ' j
used to finance the- ffarst SIS*
in the Bowen Bas4a .t;d^^l
ago. Japanese buyers -csf- SSh ;
coking and steamhig coal^S}’
unwilling to sign \

periods longer than two ytaw
Mr Wrack believes ifcp 4^, •
turn might imptov^hy fejm
1980s, yet recent -.nBtehff £££ -
nese energy forecasts:
that demand for steam broS& v
likely to reach a peak~3$3ffifr .
flattening out thereafter, ; ’

mand for coking coal is nqt - '
expected to improve auy fieorar -i
than the prospects ' fiPE: .
deeply troubled wotid-s^eOfr
d us try. ‘ v Ti-

lton ore has shbwh * *&&' 1
pattern, with the' tannages
to Japan from the -mot^-.
Hamcrsley and Newman;^*'!
jects in the PObaxa regifathf
Western Australia Car
original forecasts • qr cunSft •
capacity. In the price
lions which ended to TpfegnW
lier this month, : the pnwjIS® 7|
succeeded in offsetting oidy raj- ,
tially the heavy financial ;
quences of delivering . weB/to-' '■
low the quantities . orignt^y ••
planned for. ^17 : t

North West Sbeff natmadcu, .
of which a relatively smaff po- -
portion will be piped
while the remainder is Bqu«&d r

the Prime Minister, for
whipping up public expecta-
tions of a boom in the wake of
his coalition government's re-
election two years ago. The
voters have already dealt the
Liberal Party stinging rebuffs
in a recent federal by-election
in Sydney and in the State elec-
tions in Victoria, which the
party lost for the first time in
nearly three decades.

Yet Mr Fraser was far from
being alone, or even particularly
controversial, in pointing a year
or two ago to Ihe surge of in-
terest in investing in Australia's
natural resorces. Most Austra-
lian economists trace its origin
no further back than the 1979
round of price increases by oil
exporting countries, and to the
rekindled enthusiasm of major
consumer countries, notably
Japan, for alternative energy
sources.

By simply totting up the
rough totals of all the potential
new coal mines, oil and gas
fields, pipelines, aluminium
smelters and other projects—
many of them in practice mutu-
ally exclusive — one could easily
reach astronomical estimates of
the sums of money that might
be- spent at some future time on
exploiting all the country’s
known resources.

The Australian Industrial
Development Association fore-
cast in August 1980 that as
much as A$60bn might be spent
on resource development in the
1980s — a figure that covered
en ergy and ah tm^ -^I wnjnimn
hut excluded most other metal
mining and processing. Some
forecasters arrived at figures as
high as A$80bn.

Such numbers now seem
wildly over optimistic. Yet scal-
ing them down does not mean
that the large volume of pro-

Armaments

From Professor A. Diem

Sir, — -The fanpBcatiops of the
article, “New Delhi to buy 40
Manages.” are appaflding. Accord-
ing to Indian government offi-
cials. ”... the deal witi not
undtfly burden the country’s
foreign exchange reserves and
so will not affect the economic
restructuring ptan which is

backed by a Itoree-year $5.7bn

Joan from the International
Monetary Fund.”

What this statement really
means is that the IMF .is in
effect unwittingly subsidising
India's purchase of arms. I for
one am disgusted by ithe mind-
lessness of toe arms race. And I
am even more concerned that
money loaned for economic
development frees the Indian
leaders to buy sophisticated
fighter aircraft that have been
designed for destructive pur-
poses.

(Professor) Aubrey Dfenw
University of Waterloo,
Waterloo,

Ontario,

Canada.

Inequitable

From the Director
Aims of Industry
Sir,— Any agreement to the
Unites Nations’ Law of toe Sea
Convention wUl have immense
economic influence on the last
decade of the century. It has
been strange, therefore, that
there has been so little discus-
sion on toe . subject David
Tange's authoritative article

jects under development
already will not be carried out.

Mr Benue Fraser, director of
the National Energy Office, be-
lieves that even the Department
of Industry and Commerce’s
totals of projects at final plan-
ning stage may greatly over-
state what will actually be
carried out. “ The boom has not
come to an end, bat it has been
trimmed back to much more
realistic levels of expectation."

Mr Victor Martin, managing
director of the Commercial
Banking Corporation of Sydney,
says that from a lender's point

industrial countries, accom-
panied by falling commodity
prices, has provided a depress-
ing background against which
to take major investment deci-
sions— albeit on mines or pro-
cessing plants that would not
come on stream for several
years. Moreover, money is dear.

Perhaps most important of all,
changing assumptions about the
cost of oil and the pattern of
energy use. especially in Japan,
could turn the assumptions
underlying many Australian
energy projects on their head.
Mr John Thom of Citicorp’s
Sydney merchant banking opera-

‘Less confident than a few
years ago of finding markets
for their products’

of view ” there has been some
deferment of projects, but there
aze others which have to con-
tinue. They still -need money.
The euphoria of a year ago has
gone but one can still be opti-
mistic about investment oppor-
tunities in resources in the
longer term."

Mr Bill Hunter, finance
director of Broken Hill. Pro-
prietary, says it was “common
sense that the market would
bring things back to reality.
Even when they do, there
should still be pretty strong
growth.”

Several factors seem to have
brought about the shakeout
that has been taking place among
big resources projects. First
the deepening recession in most

tion, says: “Australia hasn't
come to terms with the oil price
fall. What it means is that some
of the coal projects may no
longer be viable. The common
assumption in project financing
has been a constant oil price.”

Sound projects, like toe
A$L3bn Cooper Basin gas
liquids scheme in South Aus-
tralia, are going ahead. The
immediate casualties of toe
recent decline in oil prices ap-
pear to be the big synthetic fuel
projects. Rundle, the Queens-
land oil shale development in
which Exxon has had an in-
terest, is bluntly described by
one leading Sydney investment
expert as “a dead duck.” Mr
Benue Fraser at the National
Energy Office says it has been

history of toe Continent” Is this
not rather a curious argument
-when the Argentine claim is
based upon toe confines of toe
former Spanish Empire? It is
also interesting to note that an
earlier statement contained
words to toe effect that his
patience was exhausted — a
phrase familiar to those who
recollect the 1930s.

M. R. S. MitchelL
The Old House, Aldham*

Near Colchester, Essex

(April 20) does something to
rectify that

Mr Tonge has set out the
issues so well that at first sight
it seems unchivalrous to make
any criticisms. But it is neces-
sary to expand his statement
that the industrial nations have
“criticised the subsequent con-
cessions made to toe Third
World” and that "the Soviet
Union has supported the posi-
tion taken by most Third
World states and has been a
vehement critic of what it sees
as toe Reagan Administration’s
reversal of toe previous U.S.
portion.”

In fact, curr en t American
arguments are concerned with
the fact that voting for the 36
members of toe council is
deliberately pre-conditioned in
favour of toe Eastern (Socialist)
European Region as well as toe
developing countries. The
voting formula referred to “ an
equitable geographical distribu-
tion of seats ” and defined this
as meaning that each region
should have at least one
member and that the regions
would be Africa, Asia, Eastern
Europe (Socialist), Latin
America and Western Europe.
No mention of the United
States, Australia, Canada and
Britain!

The proposals on technology
would have meant that; we
should not have merely voted
to hand over our secrets to toe
Soviet Union, but also train our
competitors against ns.

The Soviet Union is, of
course, quite right in seeing the
Reagan Administration as
reversing toe previous U.S.
position. President Carter's
Administration was incredibly
oblivious of toe dangers of the
proposals. It is a blessing that
the present U.S. administration
has woken up in time.

Michael Ivens.

40 Doughty Street, WCL

My impression of this article
was one of Lloyds Bank declar-
ing something advanced in
regard to cheque books and
being first in ttae field of clear-
ing banks in foisting this upon
the customer, albeit following
the bank's consumer research.

My wife and I have been
current account holders with
National Girobank since the
early days and have found that
their stubless cheque books
are very convenient to use and
slim to keep in pocket and
handbag. Recordings of cheques
issued are entered in the
appropriate place at the front,
of the cheque book.

I feel that the National Giro- <
bank, with their complete bank- 1
ing services, competing with .
the established High Street :
Banks (although National Giro- 1
bank is now an established
High Street Bank) have for
many years held their light
under a bushel in not drawing
attention to their services, an
easy, cheap banking arrange-
ment to the public at large.

D. G. B. Richards.

24 Lakelands Close,

Macclesfield. Cheshire.

Heartless

From. Mr M. Piefeering.

Sir, — I write to question
whether you should have
accepted . Hewlett-Packard’s
advertisement (April -15) or at
least have referred to toe Ad-
vertising Standards Authority,
since it depicts a gentleman
slipping a siriimHne calculator i
into his inside right-hand
pocket, with the caption “dose :
to a businessman’s heart."

Stubs

From Mr D. Richards

Sir,-—i was interested to read
the article of April 10 in regard
to Lloyds Bank “ new design "
stubless cheque books. 1

We already know from your
front page article about the $1
button ‘Tim backing Britain,”
now selling well in toe UJ^iC,
that American hearts are not so
misplaced, and fed that the
advertisement would only have
been credible if these calcula-
tors bad been Soviet-made.

XL F.C. Pickering.

317 Archer Road,

Stevenage. Berts.

Bab Hutchison

and shipped to- Japan,
finding difficulty in -seeagjig":.
contracts for quantities luge:
enough, to make the 'probate*-,
overall cost of A$8bn (f&Thu);
profitable for its backers, %«’ . )
utility customers have haQ^jo
scale back toeir needs. - Vuf :

Australians are often ineDaed
to take a bitter view of ttetr
Japanese customers. Privately, '
a few mining men calT t^era
" toe enemy*. 7 Both- -

iron ore producer? -feet iwy:

' have been weakened id hqKHb'
tions with a united- J&ppgte
front of consumers '

being divided; as wdlrofc 'bBfcg
pitted against rivals'

countries. - -Some go {Unbound ;
accuse Japanese policy
Ing deliberately ; ttMWBWC&d:
overcapacity in Austiaha &ras
to beat prices down. . ' r .V;J5 :

Australians are also vfcttri&d
by. what many see afi- tho
erosion of competitiveness. tttfft '
could cost toe country market
share. Besides strikes and
shipping bottlenecks, to e
resources industries have also
felt a heavy burden of tax and
royalty payments, which accord-
ing to the Australian -Mining
Industry Council rose to 60 per
cent of operating' income in.
1880-81 from 55.9 per cent-in
1979-80 for mining and explora-
tion companies. In Utah's cisc
the figure was over 70 per cefiL

One step frequenter ur^d
by the industry on the Govern-
ment is a sharp devaluation!)*
the Australian dollar, though .
it has been gradually slipjfihg
anyway under the • prefifeht
“flexible peg” system, “It
remains to be seen whether
toe present coalition will Tie;''
sufficiently unnerved by 'Its '
recent reverses to try to stimu-
late the resources sector,- br -
whether it will let Australia's
most glamorous major industry "
feel the full force of the current'
recession. .

“pushed even further down the
track” to a starting-up date no
earlier than 2,000. Coal lique-
faction, both from hard and
brown coal deposits, appears to
be a similar position, although
work has begun on a A$200m
pilot plant in Victoria, largely
Japanese financed. The Austra-
lian Government is keen to see
research and development work
on alternative energy sources
maintained, and is devoting
money to it.

Aluminium smelting, in which
there has been heavy over in-
vestment is another area where
project cancellations or post-
ponements have been expected.
Last Friday. BHP abandoned its
A$600m smelter planned at
Lochinvar in New South Wales.

Many Australian mining com-
panies are far less confident
than they were a few years ago
of finding markets for their
products. Among a host of
potential new coal projects,
Daunia in central Queentizsid's
rich Bowen Basin is among the
most promising. Its pro-
moter is Utah Develop-
ment Company, a subsidiary of
General Electric, which is now
Australia's biggest, and pro-
bobaly its most profitable; coal
exporter.

Daunia is part of a rich
deposit where steaming coal (to
which Utah has no rights) and
coking coal are found on teg)
of one another. Mr John
Wruck, Utah’s senior vice presi-
dent and treasurer, says the
company would have no diffi-
culty- financing toe project’s
estimated A$550m cost out of
cash flow, but be stresses that
there is a slowing down in
streaming coal markets. “We
cannot develop a new mine un-
less substantial tonnage is com-
mitted in advance oo a long-
term contract basis. You can-

How to cut
security

Properly planned Closed Circuit TV can sub- : 4";t:
stortiaily reduce your manned patrols aid feicreaseyoir

secutty at the same tone. -

Hundreds, of Britain's leading; companies ItM • . *
already iound that havingput in Closed CmndtlVA^r
sot fher money back between six and twdve imHdhs ^

BUCK

company, are experts in Closed Circuit TV, Perimeter
Alarms and Access. Control. ;

To see how much money one of our systems ootid S
saveyou.send for ota- 16 p^e security bdeftjgdaSticjSt
No stamp & required. W

I ^ White Groimrl^eopost.

1 Grant Avenue, Leeds LS 3037. n2

I IbrteMn.

Address;

Stock M

'space i
■the 1)

Financial Times Saturday; April 24 1982 .

As pension fund managers meet in Bournemouth, Barry Riley looks at how well they perform

17

BRITAIN’S occupational pen-
sion schemes are increasingly
vast and powerful, controlling
assets winch may well be in
excess of £70bn. Is this wealth
being wisely managed, whether
for the benefit of the nation as
'.a whole or, more narrowly, in
■terms of the interests of scheme
. members?:

.... In the latter part of this
...week, the- members of. the
^ National Association of Pension
•Funds have been gathering for
their 1882 annual coherence in
Bournemouth. They may reflect
'upon a fact which emerged,
from the recently published
■NAPF seventh annual survey—
'that the average pension paid
.7oUt in 1980 to the 2.7m pen-

- sioners in schemes' affiliated to
.the NAPF was just under £14

week.

This sum was only about half
, as. large as the state retirement
pension for a single person.
And while the comparison is
hot entirely fair — some retired
people may be entitled to two
"or more separate pensions from
'different employers, and the
pension schemes also paid out
.^ substantial lump sum benefits

members on retirement —
£qcft figures pose the question

whether the pensions move*

. pjent is really serving its pur-
. pose of delivering decent and
secure pensions to scheme
' ‘miem/bets.

“ Coinciding with the Bourn e-
‘ mouth conference, Britain's in-

- Vestment institutions have
come under keen scrutiny in a

'hard-hitting' new book* by John
Pleader, a former financial
. editor of the Economist who
-’has devoted immense efforts to
■■uncovering some of the less
-palatable activities of the
-- publicity-shy fund managers.
-•-"Among the characters who
: populate the pages of Blender’s
-highly readable book are a
: Smooth ex-journalist with a
ballerina wife who charmed
rftmd managers into many unfor-
tunate investments, an ICI pen-

in making the most of £70bn

sion fund manager who — albeit
in apparent good faith — had
business associations with such
financiers as. Mr Judah Binstock
and Sir Eric Idler, and
two electricity pension fund
managers who agreed to pay
the property developer, Mr
Boris Mannar more than £2m
for shares In a company which
subsequently proved hopelessly
insolvent.

The pension, scheme bosses at
Bournemouth will not wish to
be reminded of the misadven-
tures of these and others of
their colleagues. . And indeed,
it must be said that most pen-
sion schemes have been, and
are being, operated with great
probity and caution. Pleader’s
book is more of a history of
the mistakes of the 1970s than
a guide to the challenges of
the 1980s. Yet there is no room
for complacency, and it is worth
going back a decade or more
to trace the reasons for the
traumatic experience of a num-
ber of pension funds.

Funded pension schemes are
based upon the proposition that
the contributions of employees
and employers should be piled
up in secure investments so
that eventually, on retirement,
the employees can be paid a
pension, or other benefits, based
upon final salary. It is normally
assumed that the investments
will produce a total return of
3 or 4 per cent over and above
the rate of inflation.

But in the early 1970s the
real rate of return sagged,
alarmingly, while wages soared.
Fund managers looked around
with increasing desperation for
Inflation proof investments.
Property provided one answer,
bat by 1973 prices were alarm-
ingly high. Thus, some institu-
tions were tempted to pot heavy
financial backing behind British
property developers who ven-
tured into the seemingly
cheaper and less exploited con-
tinental European property mar-

kets. Other Amd managers
dabbled with “ real ” assets sodb.
as old master paintings or gold
bullion.

But the British developers
ran into trouble in France, Hol-
land and Germany, just as the
property scene headed for its
inevitable crash in the UK. For
pension funds which simply
bought developed property the
crisis was not such a problem;
in due coarse they were able to
start buying again at modi
more favourable prices. But
pension schemes like those of
Unilever, the Post Office and
ICX which had become involved
in the finance, of uncompleted
developments, in some cases
lost heavily.

In the midst of all this, it
emerged that standards of
ethics and supervision in the

pension funds had not always
been exemplary- At ICI, for
instance, the investment mana-
ger Mr Norman Freeman, and
his deputy Mr William Dobbie,
had been running a private
dealing company at the same
time.

An indirect shareholder in
this company, Plender suggests,
may well have been Mr Judah
Binstock — nowadays a fugitive
from British justice. Mr Free-
man was also a shareholder in
a Portuguese hotel company
partly owned by Peachey
Property — whose dh airman Sir
Ericr Miller was later to commit
suicide when his company was
investigated by the Department
of Trade. Mr Freeman retired
in 1974 to the South of France.

From 1975 onwards, pension,
fund investments fared much

better. Equities recovered
sharply in price, and the
property market stabilised.

Old problems, however, took
a long time to clear up. As
recently as March 1980 two
investment managers at the
Electricity Industry fund, Mr
Alan Urwin and Mr Bill Lund,
were suspended during a fraud
squad inquiry. They were
cleared of any. impropriety, but
retired.

Plender is sympathetic to Mr
Urwin and Mr Lund. Perhaps
their judgment was not as good
as it ought to have been —
especially in their failure to
take outside advice on matters
like the dealings with Mr Mar-
mor. But Mr Urwin had been
brought in during 1974 to clear
up a mess which was not of ins
own making.

The scandals have raised
serious and fundamental ques-
tions about the control of pen-
sion schemes, and their account-
ability to members. Pension
fupds operate within trust law
which was drawn up for quite
different purposes. There is no
doubt that lessons have been
learnt from past mistakes, and
the NAPF has made 'efforts to
develop a self-regulatory frame-
work. for Instance by formulat-
ing guidelines for pension fund
accounts. The association has
begun making “Golden Pen”
awards tor annual reports. But
self-regulation is a slaw process,
meeting with opopsitkra. Mean-
time, sums of many billions of
pounds continue to be super-
vised by part-time, unpaid trus-
tees with uncertain responsi-
bilities.

At the same time, pension
funds face external political
pressures over their responsi-
bilities to the national economy
at large. The Wilson Committee
largely cleared the financial in-
stitutions of the charge of ig-
noring important investment
opportunities in British indus-
try. But it did suggest that
the big funds were neglecting
the small-scale, entrepreneurial
sectors of commerce and
industry.

Hence the new vogue for
small, unquoted investments.
But it is intriguing that here
the wheel threatens to turn
full circle. Plender details the
story of Charles Gordon, an
elegant and charming financier,
married to the ballerina Nadia
Nerina. who operated in the late
1960s out of luxurious offices
stuffed with expensive modern
art.

Gordon’s objective was pre-
cisely to attract institutional
money into smaller, unquoted
companies through a specialist
vehicle which he set up called
Spey Investments. The concept
was laudable, and the sales-
manship was skilful, but the in-

vestment performance was
eventually dismal- It was an ex-
perience which fund managers
were not to forget.

Now, in the early 1980s, fund
managers face similar chal-
lenges, Many new intermedi-
aries for investment in
unquoted companies have been
set up. Will they be more suc-
cessful than Spey was? Many
funds are nursing heavy losses
on the money, admittedly only
on a small scale, which they
risked on the speculative oil
and gas exploration vehicles
which were being touted by
London merchant banks and
North American company pro-
moters a year or two ago.

And within . the past 12
months, large sums have been
channelled abroad by pension
fund managers, into invest-
ments such as equities in the
Pacific Basin markets and
property in the United States.
Perhaps this is prudent inter-
national diversification. But
the long-term relevance to the
needs of British pensioners in
the 21st century is not always
clear.

This overseas shift in invest-
ment policy is, however, the
consequence of changes in
exchange controls rather than
of poor investment returns at
borne. Most pension schemes
have enjoyed good enough
results in the past few years to
build the strength of their
funding to quite reassuring
levels.

But it is a much less com-
fortable thought that a good
deal of this strength has been
built up at the expense of
scheme members themselves.
The wave of redundancies
among industrial companies
has allowed schemes to
“profit ”• because they will no
longer have to upgrade ex-
etnoloyees' pensions.

When an employee leaves a
company — whether voluntarily

or compulsorily — it is normal
to freeze his pension is relation
to his pay on leaving, or at
least to grant only very small
increases.

Even if only a few years
elapse before retirement, this
can make his pension arrange-
ments a quite extraordinarily
bad deal for him.

And after his retirement, he
is likely to find that he has very
little protection against infla-
tion unless he is in a public
sector scheme. Only 1 per cent
of private sector schemes
guarantee to raise pensions in
line with the Retail Prices
Index, whereas 77 per cent of
public sector schemes do so.

During the two years of
relatively high inflation in 1979
and 1980 the real value of the
income of the typical private
pensioner fell by more than a
tenth.

Members of Britain’s occupa- t
tional pension, schemes in the i
private sector therefore, face
great uncertainty about the
purchasing power of the pen*
sions they will eventually re- '
ceive. ,

But there are more funda-
mental questions to he asked. 1
To what end, Plender asks
rhetorically, have the British
peopie handed so much of their
money to this powerful new
financial estate of (the invest-
ment institutions?

In the case of the pension
funds, the answer must surd}*
be that the funds are expected
to deliver a reliable pension of
two-thirds of final salary. That
is what most of them claim to
do. It is by their ability to
achieve their promises that they
will eventually be judged; on
their current perform alee, the ;
verdict threatens to be a harsh
one. t

• That'* the way the money
goes, by John Plender. Andre
Deutsch. £835.

Weekend

Desk-bound
City men jog
for Marathon

■This time last year, Roger
■Gibbs, 47, chairman of Gerrard
and National, the discount
house, weighed 15 stone and had
■never run more than a couple of
miles in his life. Now he is
, down to 12 stone 12 pounds and
he can, if pushed, get slowly
.from A to B even if there are 16
mil es between them. In fact in
.two weeks time Mr Gibbs is de-
termined to run 26 miles, 385
yards in under five hours. He is
particularly determined because
£50 depends on his doing so.

[* Mr Gibbs is one of the many
" .thousands who' will be running
■for charity in the Gillette Lon-
don Marathon on Sunday May
.'ft. Of the 18.000 people taking
I part in the run, the organisers
estimate that the majority are
being sponsored for one good
cause or another, and that all
told the various charities re-
presented will receive about
£Sm as a result.

Some competitors, such as

sports people, need little train-
ing. This is far from the case
for entrants like Roger Gibbs
and dozens of other normally
desk-bound City business people.
For weeks they have been trans-
formed at night into sweating
joggers, panting around the
parks in an effort to turn them-
selves into marathon runners.

Mr Gibbs says he is only doing
it to underline his commitment
to raising the £380,000 so
urgently needed by Guy’s Hos-
pital, of whose Scanner Appeal
he is chairman. He has been
promised £50,000 of this by
different sponsors if be com-
pletes tiie. run, and- an extra
£1,000 if be beats all the women
taking part He does not think
he will get this particular
thousand. On the likelihood of
receiving another thousand, pro-
mised if he marries one of the
women participants within the
next six months, bachelor Mr
Gibbs said he had “no com-
ment.”

*Tm absolutely determined to
finish,” he said. “One’s got to.
It’s all in the mind you know."

Max Dolding.’ a stockbroker
with Vickers da Costa, is 39-
years-old and used to be one
and a-half stones overweight
When be started training for
the Marathon he was gasping
round the block, but now he can
clock up 20 miles and is very
confident he will finish. "I’ve
got to," he says, referring to the
£2,400 that he ' is being
sponsored for the Cancer
Research Campaign. One backer
is offering him the Amersham
share price per mile, and
another the size of one of his

colleague’s hatband times a
pound per mile. .

Roger Gibbs said that he
hoped he would not have cause
during the race to become the
first recipient of the scanner he
is running for, and Jack
Pemberton, company secretary
and director- of insurance
brokers John Pod, says he will,
finish or “ die in the attempt:”
His proceeds will go towards a
cancer scanner at Chelmsford
Hospital and have already
reached four figures — if he
finishes.

But while Messrs Gibbs,
Pemberton and so on are busy
subjecting themselves to a
training schedule as rigorous as
that of the marines on board
Invincible, another potential
participant in the marathon will
only take part depending on
those marines. Cedi Parkinson.
MP, chairman of the Cooserva- :
tive. Party, is due to enter, but
will run only if the FaJklaads
situation permits. At 5L and
a Cambridge, running blue, Mr
Parkinson is stiti managing to
train during the week, and
according to Conservative
Central Office, would not take
part if he did not think he
could finish.

Roger GSbbs has set himself
up .as & harder taskmaster. “I
am aiming at doing it in four
hour 55 minutes,” he said. “ At
my age I think anything under
five hours is respectable.”

Mr Roger Gibbs, chairman of
Gerrard and National, on an
early morning run in Hyde Park,
Photo by Hugb Routiedg e

Stock Market
‘space invaders’
in the U.S.

zapping space invaders
nashing asteroids, video
addicts will shortly be
► take on another galactic
•r: the stock market

week saw the launch to
r ork of “ The Great Wall
Fortune Hunt” a home
game where the player
salened not by grunting
□s but by soaring interest
recession and interna*
crisis. Some people can’t
from real iife.

ling across the top of the
is a ticker giving the
of 27 stocks. Almost all
■m are well-known U.S.
aies like -Exxon, Sears
Coras Instruments- But
ire one or two inventions
Wildcat Oil Western
1 which represent whole
ries. Gold is

Prices are affected by news
flashes which pop up in the
middle of the screen, like
“Prime rate 'up -1 per cent"
“Unrest brewing in La ti n
America,” “Federal Reserve to
slow money . supply growth.”
The news is good for some
stocks and bad for others,
depending on ' their exposure.
High interest rates might hurt
an industrial stock but help a
bank. War in the Middle East is
good for oil stocks. Aii this is
programed into the computer.

The player starts the game
With 5100.000 which he can put
in seven investments . Then, as
the stock prices and the news
flashes roll by, he trades his
investments by working the
game’s electronic controls. The
game covers five, years during
which the player can either get
wiped out or make a packet.
The computer keeps a tally of
his finances, and displays his
portfolio In a box at the bot-.
tom of the screen. ■ ■

The more advanced player
can trade Treasury Bills and
even buy options on margin
meaning he must constantly
juggle the economy, the coat
of money and the political scene.

none of which stay still more
than ,a few seconds.

The game was devised by
Odessey 2 the home video game
company which is part of the
North American subsidiary of
Philips of the Netherlands. The
designers worked closely with
real financial traders and in-
vestment experts, which accounts
for its striking authenticity.

“You’ve heard of hand-eye
co-ordination” said the man
from Odyssey. “Well, now
you’ve got brain-eye co-ordina-
tion.”

The game is one of the most
complicated yet produced for
home use and it needs a special
expanded “ memory cartridge.”
But while Odyssey obviously
hopes to make money from it,
Ihe company recognises that the
threat of a Fed credit tighten-
ing seems a bit lame compared
to marauding Martians, and it
does not expect sales to match
hits like Space Invaders.

The cartridge costs about
$50, less at discount stores. But
players must also have a con-
sole which costs another 3150.

Taking aircraft
passengers to
the cleaners

r who was serving lunch
if side of the cabin (20 to
to K), served some of the
mobile items on to my
t instead of the folding

s was even more alarmed
I was. 41 1 feel so
ned," she said. “ft has
happened before.*’ . I
■ed her that It had
ened to me before, though
n an aircraft. "Give me
coat," she besought me. I
it to her and she. took it
id that curtain where the
irdesses go to perform
secret rites. Then she
pht it bade for me to
va my notecase ami my

passport, and went on serving
lunch.

Two or three hours later I
looked behind the curtain to
see how my coat was getting
on, and found it on a wire
hanger, impeccably dean,
cleaner probably than it had
been before lunch.

“How did you do that?” I
asked Jenny when, die joined
me. "We use Club soda," she
said. 44 That’s what we always
use."

I wasn’t all that keen on
“always,” slue* it had “never
happened before,” but there
was no doubt about its effici-
ency, and I forgave her for
drenching me with what on
investigation proved to be a
mixture oi water, soyabean oil,
vinegar, sugar, salt, spices,
dextrose, xan than and traga-
cantii gums, onion, garlic,
caramel colour, natural flavour*
ing. potassium sorbate and poly-
sorbate 69, known for abort as
oil and vinegar dressing.

“Your jacket to as good as
new, sir . . . and we've taken
out the stains that the other

airlines couldn't cope with.”

It wasn't quite » easy to for-
give her for asking us all “to
extinguish our ■ smoking
materials at this time" when
she meant pht out our cigarettes
note, but I suppose every pro*
fesslon has its jargon, ...

4

&

- *•’— •

' _ .... ;

?4

-

-*

cockroach

trap

A small Cotswold company
of corrosion consultants are
about to market a product of
high-technology which could
herald the end of that -lowly-
regarded scourge — the British
cockroach.

NICC, based near Cirencester,
Gloucestershire, sp ec iali s e in
providing a corrosion-preven-
tion service to the world's
biggest oil companies. But the
travels of their Managing
Director, Anthony Strange,
have provided a useful
diversification.

“We work in liaison with a
Japanese company, who also
have a pharmaceutical division.
Whilst on a visit I was shown
a sample of their Cockroach
Trap, and I immediately
thought ‘ What a gimmick.’ The
Japanese are so fastidious that
it is an obvious line for their
home market.”

The disposable trap, in the
shape of a cardboard envelope.
Incorporates a special silicone-
treated paper,- evolved from the
camg technology as the “shrink
sleeves” of plastic employed
in the protection, of pipelines.
It incorporates an adhesive pad
impregnated with a unique,
synthesized scent which attracts
cockroaches as if to food. (The
cockroach deposits this scent in
its saliva to let its churns know
where food is to be had.) Once
.on the trap, they are' held fast
by a strong adhesive and cannot
escape.

“The samples I~ brought
back have proved extremely
efficient," said Strange. "We
have already had satisfied
customers in various Health
Authorities. Even the Pump
Rooms in Bath have, used them
successfully. Cockroaches were
destroying some of their:
exhibits— -they enjoyed the
taste of certain dye* In old
Clothe*."

orders under 100, reducing to
28p for larger orders up to
1,000, and they have a lifespan
of about 30 days. A well-
known botel chain is already a
customer, but NICC loyally
refuses to disclose its title. This
is evidently one topic where
good public relations might
still result in a -bad press for
the establishment concerned.

“Cockroaches are an embarras-
sing nuisance. No matter how
good the hygiene and dean-
tin ess of the establishment,
they still keep turning up.”

The company points out that
although advertisements are
being placed in major shipping
journals, it has not directly
approached the Ministry of
Defence. But the trap “ would
be an ideal product for ships,
whether of the Royal or
Merchant Navies.”

Once the British heastie has
been banished, the company
plan to offer the trap to the
rest of Europe. “They are
something that you could pack
with your holiday luggage,
along with water sterilising
tablets. We also think they
wiH be of interest to British
expatriates living abroad—
especially in the Middle East.”

At present, the pubiic may
buy direct from NIOC, but they
intend to establish a national
chain of distributors in the
near future. “ We may be
corrosion consultants, but we
are quite happy to become
experts in pest control, too,”
maintains Tony - Strange.
“Business is all around you—
it is up to the individual to
grasp it."

Contributors:
Belinda Nenk
David Lascelles
B. A- 'Young
Judith Stares

TOMORROW; Israeli withdrawal
from Sinai.

MONDAY: Institutional invest-
ment in the fourth quarter.
SEC Finance Ministers meet in
Luxembourg. EEC Foreign
Ministers start two-day meeting
in Luxembourg. Sr Nicanor
Costa Mendez, the Argen tinian
Foreign Minister, will address
the Organisation of American
States in Washington. COHSE
begins industrial action over pay
claim. International Chamber
of Commerce seminar on “Finan-
cial Futures Markets ” in
Zurich.

TUESDAY: Provisional unem-
ployment figures for April.
Provisional unfilled vacancies
for April. Bricks and cement
production in first quarter. EEC

Economic diary

standing committee on employ*
ment meets in Brussels. EEC
economic and social committee
In plenary session in Brussels
(until April 29). The Institute
for Fiscal Studies seminar on
Microeconomics and Micro-
economic views of the Budget"
at Regent Palace Hotel, WL
WEDNESDAY: Overseas travel
and tourism (January/
February). EEC Agriculture
Ministers meet in Brussels.
.Commons * debates Northern
Ireland devolution White Paper.
Social services select committee
on Public Expenditure White
Paper. Mr Norman Tebblt,
Employment Secretary, addresses
Primrose League at Caxton Hall,

Wes tminster.

THURSDAY: FT Conference
entitled “ Seventh industrial
relations conference — will Tebbit
succeed ? ” at the London
Hilton. Energy trends. Final
unemployment and unfilled
vacancies for March. Employ-
ment in the production indus-
tries in February. Overtime add
short-time working in manu-
facturing industries in February.
Stoppages of work due to Indus-
trial disputes in March. Quarterly
estimates of employees in
employment (December).
FRIDAY: Final car and commeri
dal vehicle production figures
for March. Final ratification of
the sixth International Tin
Agreement. Banks meet in
London to discuss Polish debt

T

BUILDING SOCIETY RATES

Deposit

rate

%

Share Sub’pu
accounts shares
% »

•Term shares
%

Abbey National

850

8.75

10.00

10.75 6 years sixty plus. 10.25 1 year
high option, 9J25-10.75 1-5 years
open, bondshares

Aid to Thrift

9.55

9.30

—

—

Alliance

850

8.75

10.00

10.75 5 y., 10.25 4 y„ 10-25 £500 min.
2 m. not. or £100+60 d. int pen.

Anglia

850

8.75

10.00

11.00 6 yrs., 9.75 1 mth. not inL loss

Bradford and Bingley

855

8.75

10.00

9.75 1 month's notice

Bridgwater : :.

8.50

8.75

10.25

10.75 5 yrs.. 9.85 2J yrs.

Bristol Economic

850

8.75

10.00

950 3 months’ notice and 9.75 on
balances of £10,000 and over.
Escalator shs. 955-10.75 (1*5 y.)

Britannia

' 8.50

8.75

10.00

10.25 4 vrs.. 10.00 2 months’ notice

Burnley

t8.50

8.75

10.00

10.75 5 yrs., 3 mth. not; 9.75 1 m. not.

Cardiff

850

$955

1025

9.50 on bal.: £3,000-10,000; t to £3,000

Cardiff

—

10.00 ;

—

— £10,000 and over

Catholic

10.00

9.00

10.00

9-25 on share balances of £5,001+1

Chelsea

8.50

8.75

10.00

10.00 1 mth. or on demand, (int. pen.)'

Cheltenham and Gloucester

850

8.75

10.00

—

Cheltenham and Gloucester

— -

9.75

”

— Gold Account. Savings of £1,000
or more (8.75 otherwise)

Citizens Regency

10.00

11-25

12.00 5 yrs ^ 11.05 3 mths.' notice a/e,
11-30 6 mths.’ notice a/c

City of London (The)

8.75

9.10

10.25

10.25 Capital City shs. 4 mths.' notice

Coventry Economic

850

8.75

10J25

10.50 4 yr?», 10.25 3 yrs., 10.00 3 mths.

Derbyshire

850

8.75

10.00

9.25-0.S5 (3 months* notice)

Ealing and Acton

850

9.25

—

9.90 2 yrs., £2,000 min.

Gateway

850

8.75

10.00

10.75 5 yrs., 10.25 4 yrs.. 9.75 3 yrs.

Gateway

—

9.75

—

— Pins a/c £500 min. Int 1-yeariy

Greenwich

—

8.85

10.10

10.85 5 yrs., 10.10 3 months’ notice

Guardian

8.50

9.00

—

10.75 6 mth., 10.25 3 mtln, £1,000 min.

Halifax

8.50

8.75

10.00

10.75 5 yrs., 3 mths.’ wdl* notice

Heart of England

850

8.75

10.00

— 3 mths.’ notice 9.75, 5 yrs. 10 l75

Hearts of Oak and Enfield ...

850

9.00

1050

10.75 5 yrs., 10.25 6 mtlu 10.00 4 mth.

Hendon —

9.00

9.75

—

1030 6 mths-. 1025 3 mths.

Lambeth

850

9.00

10.50

11.00 5 yrs., 10.75 6 months* notice

Leamington Spa

850

855

11.93

1035 1 year

Leeds and HoJbeck

8.50

8.75

10.50

1075 5 yrs., 9.75 1 mth. int penalty

Leeds Permanent

850

8.75

10.00

10.75 3 ynL, EL a/c £500 min. 9.75

Leicester

850

8.75

10.00

10.75 5 yrs., 10.25 4 yrs., 9.75 3 mths.

Liverpool

950

9.75

1L05

11.75 5 yrs., lOflO 1 mth. int penalty,

London Grosvennr

8.00

9.25

11-00

9.75 3 mths.’ notice 1 mth. int pen.

Monrington

950

9.80

—

—

National Counties -

8.75

9.05

10.05

9.75 35 days’ notice min. dep. £500,
10.15 6 mths.’ min. dep. £500

Nationwide

8.50

8.75

10.00

10.75 5 yrs., £500 min. 90 days’ notice.
Bobus a/c 9.75 £1,000 min., 28
days’ notice

Newcastle

850

8.75

10.00

10.75 4 yrs., 9.75 2 mths.' notice, or bn
demand 28 days' int penalty

New .Cross

950

9.73

*”■

9.75-1050 on share sees., depending
on min. balance over 6 months

Northern Rock — —

850

8.75

10.00

10.75 5 yrs, 1025 4 yrs., 9.75 3 yrs.

■Norwich -

950

9.75

1L25

10.75 3 yrs, 10.50 2 yrs.

Paddington

955

1025

1L75

1L25 Loss 1 month int on sums wda,

Peefcham Mutual

850

9.50

—

10.00 2 y., 10.5 3 y., 11.0 4 y., 9.75 Bus,

Portsmouth

855

9.05

10.55

11-10 (5 yrs,) to 10.50 (6 mths.)

Property Owners ...............

9.75

10.25

11.75

1L75 4 yrs., 11.75 6 mth., 11.05 3 m tit

Provincial

8.50

S.75

10.00

10.75 3 yrs., 9.75 1 month

Skiptos

850

8.75

10.00

9.85-10.00 28 days' interest penally;

Sussex County

8.75

9.00

11-25

10.00 instant withdrawal option

Sussex Mutual -

8.75

9.25

10.75

9-50-10.75 all with special options

Town and Country,

850

8.75

10.00

11-00 5 JT-, 10.75 3 yr. 60 <L wdL not,
10 2 mth. not/2S days' inL loss

Wessex

7.75

9.90

—

.Woolwich . —

850

8.75

10.00

10.75 90 days (int loss), 9.79 lmmad.
access (int. loss) or 28 dys. # not.

Yorkshire

formerly Huddersfield &
Bradford and West Yorkshire

850

8.75

10.00

1025 5 yra, 10.25 4 yrs, 9,79 3 y is,

. 9.25 2 yrs., 10.00 Golden Key, 28
days’ penalty interest

* Ratos normally variable in line with changes in ordinary share rates, f From May, L
AH these rates are after basic rate tax liability has been settled on behalf of the Investor*

Companies and Markets

UK COMPANY NEWS

Richardsons Westgarth £0.8m loss

THE ‘MGMFICENT improve over of the engineering services
anent in second half trading companies was static at £25.3m
foreshadowed by the directors (£25. 9 m;. producing a loss of
of Richardsons Westgarth, the £35,000 (profit £249.000). Stock-
engineering and stockholding holding a ad merchanting turn-
groap, did not materialise and over was higher, at £15. 49m
ifce pretax loss for 1981 comes (£13.81m), tout profits here
out at £833,000 after a deficit of declined from £17,000 to £99,000.

^ six months. The pre-tax loss mg after
Saamo therfi was a profit °* charging depreciation of £657,000
i/no.wu. (£609.000), and interest payable

The dividend is being cut from of £246,000 (£227,000).

2-lp to l-5p. with a reduced, final After taking into account a tax
of 0.75j> (1.05?). credit of £l.43m (£393,000

DIVIDENDS ANNOUNCED

very modest profit earned on the
second half year’s .trading did
little to alleviate the large loss
incurred in the first half.”

Current

Date
of :

Corre-

sponding

Total

for

Total

lafrt

payment

payment

div.

year

year

Albany Inv

1.45

1.4

2.05

0

Allebone 4e Sons

Nil

1

Nil

1

Amalgamated Metal ...

Nil

6

2

9

Bentalls

\2

June 9

1.05

1.5

1^5

S. Casket int

05

June 25

0.5

—

1.75

Futural Holdings 2nd Int

1.69

May 17

1.54

2.85

259

Grampian TV

2.25

May 26

1.75

3.25

2.73

F. MlUer

L44

May 21

1.3

2.44

Z2

Richardsons Westgarth

0.75

July 1

1.05

15

2.1

Scots Nton Inv Tr

2 fiS

June 19

225

3.58

3.45

Stylo

3.5

Oct 1

3

3.5

3

Grampian
TV lifts
profit and
dividend

- .y,. .

Financial Times Saturday, April 24 £{$2

BIDS AND DEALS

Management buy-out of
Pentos greenhouse group

SOMEWHAT in contrast to the * • - •

cautionary remarks made last BY DUNCAN CAMPfiBlrSMlIH -> % '■ :

year. Grampian Television has

recorded a 24.6 per cent increase PENTOS, the industrial holding a 53.4 per cent stake is the revicwa of the

in pre-tax profits for the year company engaged m a suhstan- equity. Citicorp Development He arranged the WUmS ’ 1

ended February 25 1 SS 2 . The Dal re-organisation programme, Capital was principal advisor to Citicorp Devrtao nw*

surplus is £642.790, compared has disposed of its successful the deal and has taken 11.3 per then helped

incurred in th(» first half” 4J2p (2Jp). including in 1981 Dividends shown pence per share net except where otherwise stated. The first quarter of the cur- jl* 01

rp. „ . . , , , . , S.4p la respect of the tax credit. * Equivalent after allowing for scrip issue, ?On eapifai rear year is encouraging, reports thp

Ibey report that the stockhold- Th e tax credit reflects the inclu- increased bv rights and/or acquisition issues. * USM Stock. Mr Iain Tennant, the chairman, -.idi..,.:*- "Jr 0 rSi su ^"

J Wfoupznies performed much sioo of deferred tax released in ^ and as to the future profitability !? i? 5 ,£f °£F!Ti h H i mes

better, but onl) a marginal respect of stock relief £l-56m. of the croup he offers " cautious . l ai £ which has been

improvement was achieved. oy JeSs irrecoverable ACT written optimism'' acquired by P/lolstsr Limited,

the manufacturing companies, off amounting to £1. 06m. an upturn, has yet to be echoed be replaced by overdraft, there , a consortium company put to-

cash proceeds of £3.4zn.

Halls Homes and Gardens is

per cent.

Hr John MwjIton. a£ C
will represent all - tta-. j

The engineering services com-
panies were tampered by a
further decline in ship repairing.
Tlhe £17 .25m order received last
week from Houlder Offshore for

ss irrecoverauie written . . ... optimism,

f amounting to £l.Q 6 m an upturn, has yet to be echoed be replaced by overdraft, there r

Thp C.rx w ic oiw.n -.t- ci 4 m ia the group's engineering side, is not felt to be any real strain Mr Tennant points out that in

loss IS o lVBU at ZlfitlU. — > 1 , 1 — -l,s- — tL. T - Hie -umrl-e T-.cr ha I. '.c

rent year is encouraging, reports th _ hptT *“7 Gardens is The equity comprises £2 .25m investors oa the Pijo^ijp^
Mr Iain Tennant, the chairman, Sfi al Sfri? “XJ? J? 01 ",, sub_ of ordinary stock and a pre- Pentos will also retain.

1 nrf ne tn *rn SlulartcS ©t LfiflarW©F?h Homes f erred stnclf nflpntt v«»fv honrimr Mr Eric Cater. tthtfl'ffcA.a.

and as to the future profitability S” Ia 22_,® f Le 2~^°^ h H ? mes ferred stock effectively bearing Mr Eric Cater. untiltofr fim^. r

of the group he offers - cautious “g 2 5 “ 2 * ***? a net II per com dividend, settlement h wmptet*

oni.mism " acquired by tttolstir Limited. Countv Bank has loanM Mr Terrv Mah#*.

a ™wriil r Uttr , f County Bank has loaned Mr Teny Hate* (Satv^la
LK , fl pa 7 £ ut ^ £600.000. The balance of the Pentos, said the * SSSltiai
B - ■- *** * group of the sub- purchase price has been met sale had reflected hfo

(£127,000 profit).

• comment

But both stockholding and ship- on the balance-sheet Unfor- his remarks last year he was sidianes' directors and three bv a deferral bv Prams of wntinuing efforS to ■

fitting at least seem to be on an iunately. the order books for not being pessimistic, for the City institutions. S 5 * S™ Xture SmS. St

improvins trend; pre-interest heavy gear-boxes and boilers are performance to July was in Halls is a leadine manufai^ 1 1 flure i { ^

a diving support vessel was Last week's £17m order for a first two months of 19S2 were smaller companies axe emerging
“ particularly welcome," they diving support vessel has come almost double those for the from management re-fits (with
add. ' ' too late to have much Impact on whole of 19S1, with its loss- uncertain effect as yet). At 25p,

The main cause of the lass for the 19S2 figures of Richardsons making first half. Rebuilding half their par value, the shares
the year was a turn-round from a Westgarth, however helpful it metal stocks will require fin an c- yield almost 9 per cent, which
profit of £326,000 to a loss of may be in 19S3. And the ing, at a time when RW could has evidently been a less than
£897.000 in the manufacture of renewed profitability of RVTs be some way short of covering sufficient inducement to hang on
engineering products iraere turn- steel stockholding companies^ costs in manufacturing and for the next recovery, which
over dropped from £9 .83m to which looked in the autumn as if services. Although £1.3m of 6 could easily be another year
£fi.S9m. In the other areas turn- it might be tbe leading edge of per cent loan stock has had to ahead.

Dnikv 1 j. . £l-5m into two future instal- borrowings. These

^r\* 'T ** ments. £4.Sm last

rer Of BrCtUhOU&eS with 55 Thft flnMAiviff iVa pDrtfrtu um a nAur uult . , -

profits in stockholding for the not good, while a number of the line with a projected loss, turer of greenhouses with 55 The financing of the buv-out Pentos was now vSf

first two months of 1982 were smaller companies are emerging Drought about by greatly in- per cent of the UK market ->nri 1 , J v? . ^ ihZ w

% If SMaSEw'VS? «— «— JtSf* *JUi ZMST--**:***:

making first ialf. MM. h ? lf their par «Iu,. S?SS SS^TSfwS fHSrjS SSS

PRE-TAX losses of the Solict* quently, the group's break-even strengthen the group's balance

tors' Law Stationery Society, tbe point is now significant! v less sheet

printing, legal services. and con- than at tbe beginning of 1981. A hrakdov/n nf nr p-t=^

Bentalls Higher loss at Solicitors’ Law

-■ C? has i

advances PRE-TAX losses of the Solict* quently, the group's break-even strengthen the group's balance onerz

tors' Law Stationery Society, the point is now significantly less sbeeL ajr _

printing, legal services and con- than at tbe beginning of 1981. A breakdown of ore-tax losses Gleni
1 ZLm ferences group, have increased This contraction has, however. M0?) Sows P ConrimSS buM

from £630,000 to £739.000 for meant the loss of a number of iSmS^rofSrioMl p?om

KLNGSTON-UPON-THAMES de- l&l* on a lower turnover of jobs. The group's employee services and station err profits Blenl

partment store group Bentalls £21.98m, against £23. 05m. At strength has been reduced by £399 (£ 431 ); printing profits menc

reports a jump in group pre-tax half-time, the company reported 28 per cent between July, 19S0 £iQ 2 (£136); conference and made

profits from £1.35m to £2.03m in a slight fall in taxable profits and Mart*, 1982. seminars loss £381 (£S). £17 u

the year ended January 30, 1982 from £70,000 to £63,000. Through Oyez Computers, the Terminated business — profes- tradir

on turnover 7 JS per cent ahead There is again no dividend offer - st>llc j‘ siona 1 services and £187,1

jiLUIUclU IIUJULCMICUL LU ildiln (JQ * * — — r-rnm-wmj , m m ““ j h«iwiv — - — 1 v*yj*ure reue-

tor the next recovery, which Pectediy" last autumn: and. in whose terms rad conditions deal bad taken "about five and Halls bad reached i

:ould easily be another year *be final two months Grampian's re 2£“ l unaffecte{ ^ by the sale. months between my first visit to where the concMdraHpivw I

ibead. 0 ''*' n sales department made a . Tn e management team, which the City and the conclusion." He, independent manage®-**. 1

successful start to its operation 15 beaded by Mr Clive Gregory himself, launched the project resources would best\ «H -rfe '

^ by rasing the network share to 35 m a a a 8i n g director, has taken last aut umn after reading Press future growth," said Mr^Raher.

DrS Jj3W Revenue at £SJ3m (£6.93m) OIL AND GAS Jlj-

.ren^en U.e .roup, tela pcu ^“*5 Sf JM ^tCWey 000181011 tllHe PRODUCHON

irengtben the groups balance operation at £695,238 (£471,454). __ _ _ Guinness Mahon has dtonsat ‘

,neeL an advance of 47.5 per cent • T T C? Iiham of 250.000 fully paid

A breakdovm of pre-tax losses Glenburnie Properties eontri- till ij JLLQcIl fill 0 DIO and lm partly paid orthua^S

ID 000s) shows: Continuing buted £152,467 (£143.586) to OH and Gas Prodncfimi^g .

Sketchley decision time
on U.S. linen hire bid

ferences group, have increased This contraction has, however, /in 000- s ) shows Cnnri m,Tn. ^ UilLlt UUL U1U 2"?

SS STftoJt “r ,0 ot °emplo>-&e SKETCHLEY-S lopg p^ui, or SKe.chiey win d, soever this ST35.' j

rn-SSm, against £23.05m. At ^ength has been reduced by £399 (£431); printing profits menced business last NovemSS the Chicago- weekend whether Means’ plans partly paid ordinary/ " : - I

» «««- «>«♦ T, *i’- 1BCn — — - cu uuaiaess last novemner) based linen hire and dry-cleaning to sell its Columbus and ' ' ^

id March, 1982. seminars loss £381 f£S) *17 133 in r ffroup- was nearing a conclusion Charleston plants rad dispose oF

Through Oyez Computers, the Terminated business — prefer trading !ZE™tJ£ yesterday rad Sketchley expects its Clevelrad-Akron facility add

mpray is able to offer solici- Rinnal svstems corviroc w levy - tQ decide this weekend ivhether up to a sufficient restructuring

at £47.5m- At the interim stage f 0 r the year — the last pay- tors ^? mputer s^Mems using ad- sfabonery losses £62 (£150):

a rise from £104,000 to £410,000 meats were in respect of 1979 TOmm_iimcati o ns tech- printing losses £365 (£434).

sional systems, services and £187,782 (£105.000).

rtlHAflAvrf 1 nr- CCO / Nl CA\ _ * *

to decide this weekend whether up to a sufficient restructuring

CCP SAYS ACCaEJT 3
COP North Sea AsMdatesbW

to continue, its S40.6m offer in for anti-trust purposes. ARA is to shareholders

was shown. and

The dividend is lifted from share.
1.35p to 1.5p net, with a final

Of l^p. ctrllrk

rad totalled 1 4740 L net ner nolo ® r - ^ ^ seen as 2 con-

rad totalled I.474p net per s ia era ble growth area and much

snare ‘ effort is being made to keep

comment

The 19S1 pre-tax deficit was abreast of rapid developments Solicitors’ Law held back hs £146,000 (£124,000).

After tax £54,000 (£66,000), tbe face of a higher counter-bid also understood to be trying to mending acceptance !

net profit was £588,000 from ARA Services Incorporated, sell assets in these areas in order control offer. This foRonys ffte i

(£450,000) and earnings were The VS. Justices Department to eliminate the competitive ^ n ° uaw !S‘S t

13.1 p flop). Dividend absorbs is to file an anti-trust suit to o^ap- the withdrawal of their

Thu (JiWnre +h«t struck after interest of £467.000 taking place in this field. yxcu lummy rvpun m oraer 10

-2USSS" j he (£521,000) and share of assort- Tfa e conference comnanv has see m Q r e of the current year

perfo £ ates losses of £57,000 (£199,000). made profits in the first month hefore revealing 1981 's bad news,
“f a siTc?es?S lslriw of r S5^ Tax .charge w as £11,000 (£19LOO0 of tiusVJr and. SitfaU? carefS Jn the event, the compray is not
success!™ senes or care- credit) rad there were extra- diversification into alternative boppmg up rad down about

evlnte rn l J3?Sli ordinar * ' Profits of £1.08 q markets and sources of income, extent recovery prospects but

events combined with a con- (£0.69m losses). ft iJSl conWhute to the S2SS does expect to pull up into profit

tinurace of the cost cutting _ ^ kja^i contnoute to me groups in 19S2 Many 0 e pro bj ems

“" c . ise initltted in 1981. i^^na? items In- . . .. oi the past have bcfn chopped

preliminary report in order to

events comoined with a con- /rnfiOm Jnc*«,o T,, V 1

tinurace of the cost cutting (m69m losses ^‘ ft will contribute to the group’s

exercise initiated in 1981." ■ ^ extraordinary items In- recovery . thTpa^'hiv?* l£5r l dSSS • j 1 J

They report ''that the new eluded a profit of £1.73m on tbe In legal services, the board is or »u wi& £427 000 of th* IIICt yinA^lli

rtore ^at ToXidge has made® a disposal of book rad periodical ?9Sl P^to toss S^imiJa^ JUM dUWU

promising start, and sales at the P r b S^ n mteres ^ 1 ^ a loss Sj! *2n b ?nS»i*in Tb® second half was a big dis- -ufTni epprysm

other stores have continued into ° f ^ 5 J: 000 1 . on tb ® closure of J”? W1 ? them^rket ToTTvir appointment, however, Imgely P S2S>i?v

the current year at a satisfac- C c ?- ° a , wkins (^esetters). SSlairt fra? SS* KJ25 due to a drastic fall-off in col ^J^ r n S^SS a Jn&

torv IpvaI Stated loss per 25n share was tour years, a moaest ferpnep activitv Mr ThatpiiBr^c smtic at it-^oni, against £i.4im.

After providina for tax of 6 S F (*-2p). bat after extra- of tie retaiI chain 1133 Government is not legislating as

F. Miller
profits
just ahead

The VS. Justices Department to eliminate the competitive ^ n ° uow !S‘S t
is to file an antitrust suit to « v * I taP- the withdrawal of their *«b>

challenge ARA’s proposed The UK bidder will also find Propped offer. .'-.j; 11 * •

acquisition unless the deal is out whether its efforts to bring Mr G. G. Stockwcll, chatwfcfa
restructured to avoid certain forward the May 3 deadline for of CCP, says in the ietter tfeiit-
competitive problems. releasing the S6 per cent of holders of 42£ per entt^ef-tfie 1

The problem areas, Sketchley Means stock tendered to ARA CCP ordinary shares have fak#.
undeistands, relate to the over- have been successful. Sketchley cated that they now tateadlo -
laps in Means' rad ARA’s busi- has been encouraged here by the accept the Tricehtrifl'^<3&
ness in three VJS. cities, pressures suffered during the including duff Oil which
Lharieston, West Virginia, long leeti extensions by many oE 29.99 oer cent.

Columbus, Ohio and CJeveirad- the large New York arbitrageur „„ „ , . V-**:

Akron. holders of Means eauitv. . Mr StockweU intends; to. npt .

tory level Stated loss per 25p share was

After providing for tax of ®-® p f4^p). but after extra-
£485,000 (£362,000), the net pro- Penary items there were eara-

«bo,ww (iiJBes.uou), tne net pro- *““*“«“**; uiwe were earn- tk p nf pnn much, the company says, rad v ___ %

fit came out at £l.’55m £99o!oo0 U *>«>• . boS" rad periUS SSSS1 Sn^ C Sf t ?' S L egal pn> - & at &

before extraordinary credits, .. J 981 the reorganise- interests, reduced group borrow- t?f sl0 ° less 10 c bew over. Turnover

aftertax, of £70,000 (£15.000): ^on of the mraagement and ings by K 5ff 1°* StSTfStlS, ^ ?Se from to

Dividends absorb . £628,000 structti re of tbe group was com- the end of 1981 fnrthur ^ *L tD reduce boirowrags by .

(£565.000), leaving retained pro- Pfeted. *me board is confident restructuring of remSSS S22i ^ bring down The ^directors say that trading

fits of £090000 fli/ifum v that the groundwork has been hrtrrnwiriDc w n capital gearing to about 40 per conditions remained difficult

PiSt^eS|fe??6p share dooe which will mS SribS fl ''SwSfltaT "era lira “ “ during the Period, but they hope

« «>“■> « 4.8p S "S? 1 ? “•*«“ «v*B, m: an™™ the S35TS2t*5JT& ' ,0 S° IK SyHKLSL; J 11 *

legKlatmg^ 1Iark£ Md ^ nceT

the large New York arbitrageur ^ . f . :

holders of Means equity. .. Mr StockweU intend^towijspt .

the offer in respect a^Urtpi
^ . holding of 2^00 ordinny^ id^u. j

uys Westerly am^gton vm* <&• ?

Arlington Motor HoIdBtagk has
• acquired Motor Auctions (West

Brorawteft) foe £650,000 «Wit ' • i

of S51 (W0 on the ctoure S P^Y willsu^eedin rerovering ™o SESt' TlJSLr* b gJ& ‘ WITO SECOND half profits of , vv T a "W ° f *** ordia *^^ j

^SSSS SSifflESS pSH Ceutreway buys Westerly “^gS. '
SSWESI as £» si 2SS Yachts from receiver Wa&i

tion of the manasement and rests, reduced group borrow- Even so, the compray has been with. —^m. Turnover there is scope to increase profits !

SrScture S e th= m6Q r^n i? 88 by 5° und Since a ble to reduce bSvSsb? ^se from £S.05m to £8fiSm. Centreway Industries is enter- of the company to enable It to of Motor so a* to proridTra ,

KTThe boaST Sdrat SShJSLu - J 981 fa ^ er ^ The directors say that trating log the leisure industiy bythe discharge the debt due to the Stractive reton™

that the groundwork has been hion capital gearing to about 40 per conditions remained diffimh ^ Westerly Yacbts. receivers in respect of the invested.

done which will make nossible a T*hJ W1 ^!»«»^ffi! >een negoti ateA cent Robert Maxwell is during the period, but thev hope a , new C0 “ l P a ^J r ■ f™ 01 the .re- assete acquired. This is antis For the year ended May 5 1981

recover y of its fortune? presumablytoo busy to do ray- the company will make progress ™ 17e ?* .9 s Westerly. Marine Wtedto amount to, and cars pre^ profits of Motor amounted

£2fiS33 KffS ssw«-a7

i e ™ Jora presumablytoo bu^rto do

net earning at 3.71p (^ .The simplification of the orga- group's in ^i7ement to ^rope SB* SE

The CCA pre-tax profit is given n^koa.has shortened lines of is to be repaid and a new seven tightly-held shares
at £1.15o (£297.000). ” communications and enabled year seeured torn, loan of £lm ?efl 2p ySterOav t^lso .S

nrlrinnllv nirarf in wusjr id ui) any- we company -nu i juauve progress

HEfn ™ rement ^5 g about 23 ^ r « in the current year.

B*oup s involvement in Europe stake for the moment Th* _

is to be repaid and a new seven L Tbe dmdend, however, is

to £54,169 and net assets, at that

communications rad enabled yearseeured term loan of £lm fell 2 p yeiterdav to 2in JSfiS lifted to 2.44p (2^p) net per 10p factures glass fibre yachts and
considerable - economies to be is being raised. This will further the romS a mraket raoiS ^are with a final payment of motor sailers pimci pally for the
made in operating costs. .Conse- reduce the overdraft rad tion of abrat £?Tm P 144 P- cruising market, acquired cer-

n v v made in operating costs. .Couse- reduce the overdraft and tion tfSot iST “

Second half T011S7 w f

upsurge TSW WHrns on second half

„4_ ^ THEffi first interim slate- been approved by the Plymouth cent six Mints morp than tha

St NfVlfl meat, directors of TSW- City Council and refurbishment S-SJaTZ? T “®

HI KJlJJ.tr Television South West Holdings, rad extension of the premises is atJ0nai . Bu * * would

DESPITE TNTFRpqr rfur«. »» wh,c L h has ^ franchise for the proceeding as planned, directors ° e t00 . mucfa t0 ho ^ ie t**t Ibis

from ^ WOto^gRWM^Stvto southwest region of England state/ 1 sort of growth can be main-

^ Th.bnardha, ^ m w ^ed. Also .TSW will have to

toecurerat yeait^ Construction- not exceed. £400,000. to £54,169 rad net «sete. at thS

The dividend, hnvever. is Westerly YMbts. which nronj f 0 ?“bSooO %Jh° ttS^tS

tod to i44p (2^p) net per iop nria^iaHn^Sr thJ receivers a freehold property p ERG AMON/ ARNOLD •

are with, a final payment of motor sailers principally for the currently occupied by Westerly ■

44p. cruising market, acquired cer- Yacht and to pay to them £20,000 Offers by Pergamon Press to

Pre-tax figure included, interest tain assets from the receivers ^ as a premium for the acquire E. J. Arnold and S«

Centreway is also acquiring date, were £156,360.

>r £115,000 cash from the

> reivers a freehold property PERGAMON/ARNOLD

receivable of £454,000. against at the beginning of November leases of the three properties have been dcoiared uncondifionil
£474,000, and a profit on the sale 1981 and has subsequently occupied by the boat company, in «U respects. The preferemte

of assets amounting to £6,000 | carried cm that part of the husi-

(£ 1 , 000 ),

Net profits came through at

: — offer wiki remain open nnlJB

Tricentrol — Morgan Grenfell further notice. The otfinsuy

Centreway is paying £2 for as an associate of Tricentrol and preferred offers have been:'
le capital of Westerly Yacht purchased on behalf of discre- accepted to full- Tbe. preference
: has also agreed to subscribe tionary clients 53,000 Tricentrol offer has been accepted in respect
l cash sufficient loan capital ordinary shares at £1.99. of 9129 per cent of toe toaxeS.

reports a substantial ' imprm able 'profite'of^rflS.OOO^for the The board has, subject to for- fSIkoiit fifroooo to th^TS^rhl-e PlOClllfc dll A |f0Yf WPfilf - •

raent from ^22,000 to £^4,000 in sixmonSs to Janu«y 311^ mal.IBA approval, appointed Mr ^ RCdllllb 11116 116 A l W66H

pre-tax profits for the 52 weeks aft er ra ichequer Levy ’ of Kevin Goldstein-Jackson as chief wSSiS^ffl STSlirt '

to January 30 1982. At tbe £277,000. executive and programme fl OW ine hart Inspired by increasing expected to produce pre-tax BCI's profits, hut the mainspring tinued recession in consfcructogi

interim stage, this footwear and Directors say that the level of C00t roJler with responsibility for D 0 ^£l er evidence that Christmas and the profits of between £620m and for each of these economies has there are signs that this W

interim stage, this footwear and

“‘*-**'7 , “**S auu uireciors say tnat tne level Of w ■wpuusiumij' Jur Kp r *_,» eviuence uuu *-aru.unas ana tac pronLs or oeeween to-^nn ana zor earn or uits»e CTOUunues nas mere are signs tnat .uus-

clo thing retailer and mrauufac- profits in the second half will P™8ramminH and formulating loo j.„ t opening mouths of 1952 were not £830m for 1981, attest £479m now been unwound: copper in has been tendering only ior

turer of sports footwear had be lower than those of the first. P°j Jc y; Mr Peter Battle becomes i n „ n ^, DO I ~ e rj L .. ew the disaster for retailers that last year. Worldwide, the the case of Chile, oil for Mexico margin business against a l

So/™™'” had i>elow er (han ‘hose nf the firS L bK °™‘ .UUoo toSta into »

Sates for toe' rear Turnover amounted to £7.69m soie ag ng erector. part half hour natural history

from £S1 05m tn feunim 'tn.o and rfter tax of £401, 0CK) earnings •.comment programme, with top names in

from £31.02ra to £44.01m. The
dividend is raised from 3p to
36p.

There was a tax charge of

r*i ct non Knn : i _ _i ■ * _ m

per share are shown at 1.45p.

station launrhe* intn ICO™ the disa * ter iar retailers that last year. Worldwide, toe the case of Chile, oil for Mexico margin business against a bau*-

nart half hm» n »h ™i some had feared ’ analysts have tobacco business has moved and gold for South Africa, ground of lower volume and

nrnerammp with been 'Pushing up their- predic- ahead with -strong aid from Nigeria provides even less orders. Pre tax ptofltx ftr

front ami ’ tions for 31111 Spencer's Brand. Tire retail division wiH cheer. Even so, analysts expect 1980/81 were £44m. J

There ic aIka ^ J' ear figures. The market is show a sharp improvement an improvement in toe full-year Imperial Chemical Industries

Payment of a dividend will he On the face of iL TSW looks to There U also m hmirinna . ^ a unprovemenc an improvement in tne iuu-year imperial vnenncai iwaan®

S?_Vwl-"!ira sar,« zsr'sversssz l7p ,rom rai u rss

£157.666 against a credit of known. The directora explain pany. than the old Westward but being made With ra eye to the nronertv^Jes. A rireof S0m

£365.000. After eTtraorriinarr aQ y Payment era only be the new frandilse has been network rad perhaps (bearing nrp-fsr is imnrosdua hr ■anv 9n j

in dollar terms, they 15p last year. on Thursday with market esfi-

iw a profit increase of The market is looking for P 131 ® 3 o£ its Pre'tax^ ^nffilsTang*

ar. Wff i?aie a o n u y to«XrM sajr-ffsxasJB ra

Amalgamated
Metal faffs
to £6.73m

Allebone £0.7m in the red

4-rt 4?^ ™ ^£ e '£ ax ieve? ’ ^ ebonc 7116 yw iust ended has borne 1981 to less than £0.7m one year vrtJSSe' > p r obato rSe by over 10

tO 10.73m and Soi«. footwear manufacturer the full cost of tfae instructor- later arid will be reduced further p“ t S nonS byTJr !

__ _ _ „ . made losses of ing of Tandem Shoes, he states, as vacated properties are sold. S 3

Taxable profits Of Amalga- £418,000 in the second six months whereas the trading benefits will Group turnover for the year m!Lf e rtfl

mated Mrt ah Corporation, a sub- to January 31 1982 against profits not be -seen until the second half edged up from £14.05m to

sidiary of Preussag AG. have of £li 1,000 last time. This left of the current year. £1-15 5m, while trading losses— ^^h»JL SUCCeSsrulJy squeezin S

tumbled from £2L37m to £6. 73m fuli-year figures showing a turn- Now that the restructuring of before exceptional items — came V v . -

for 1951, following the mid-year round from a £52,000 surplus to Tandem Shoes has been almost to £231.000 (£52,000 profits) currencies, once agam, will “be

reduction from £7.27m to a deBcit of £700.000, struck this completed, efforts are being Retailing sales were £ii.6m J prune factor in BAT Industries

£3 35m. time after exceptional charges of concentrated on lmorovinc the (£ll.77m) and lnss*** fiftnsnnn- full-year figures due to be

In order to pursue a policy of £469.000. trading performance of E that (£129,000* profits), rad zSnu'feS ^ext Thursdfry. Witti looking ahead to 1982, ’which raF’serV^The 1 coSSS? Sj Smith and House of

strengthening its reserves, the r n Q « thp i OR5t>s 1h|1 subsidiary. A programme of shop turing sales were £2.95m “its favour some believe holds less promise, pushed house sales with amp? TS&SQ.'l. v BSG *r

company is omitting the final directors are not recornmendine modernisations is under way fi2-2Sm) rad profits £74,000 g°°d grotto re P°F t ®d *>y its Mexico, Chile and Sooth Africa age approach Although T*rmw Hooveris— fifK.

dividend. The interun payment fny ^ridend for to? and toe merch an dising poUcy is (£77.000 losses). * U.S. nctivrties. RAT S is are now providing toe hulk for ffobHoSSSyWcffiftS £?££. SS' ! ,^ gUreS

of 2p net therefore compares ^gie lp ne? ££ top ww be ffi 'SESt.**. t a After aJJ charges, loss for the V mm by the con- Thursday.

ZTs- , , i <nviacn<i or rap to ^p, ditions in the UK and increas Pecrocnemicaxs ana piasacs avr

weeks trading could make quite against l&p net last year. ing competition 81011 118,6 ^creased. The nuntet

an smpact as it takes M and S After Blue Circle’s surpris- Sg m^ likSy to haveTStTht the view that th&lrst

doser to toe buoyant ingly good figures at toe interim com pray lltoou^ the igsi WnM* for ICI Is- tnUUSpH^-
Easter period. But the real key stage, analysts are confidently flgureswill reflect toe Iaree-Sp stronger than tfie preceedicglwt-
to the performance w the grraps predicting a full-year improve- boost^ to teSs? t l uart6r - ICTs gloomy statement

amazing volum? gains. Food meat to between £100m and Dubai smelter nroiect” FrnfiS on forther j° b on 32imday
volume probably rose by over 10 £ii5m, against £78.6m last year, will be sliehtlJ dSS. nn at the annual meeting
ner cent and non-food bv 6 or 7 n<n>r«<>sc . ougnuy aown on toe nnnlvetc nonimSmi w*ai>. the

as va cated" DroDerLies ar. snlri per “ nt ™ >>y 6 or 7 Ovemi as activities, nctabl 7 i<&) ™ iZ™. ^tudysts pessimism .rtet, tie,

fiKifeira »d,5SBU!tm

to £231.000 P (£52.000^rofiS? Ckme^s. once again, will be bad as expected. Once toe Th? maffrJf J 48111 ?' NewhrtWB^^-

being reviewed.

After all charges. Joss for the

with the previous year’s total of paid in respect of the previous et™ 16 £ estI ? ctu ™ 1 f °* Tandem year emerged at £889.000, against
9p. of which 6p related to toe 12 moatoT shoes has involved (be closure £58,000 profits previously. Extra-

(or sale as going concerns) of ordinary debits increased from

Turnover for the year showed SS °L the ^“P’ 5 i 62 sh °P s - ^ ^2,000 to £189.000. A tax credit

rise from £l.3lbn to £L4lbn. “""Kf” “ d 6hie £ executive, number* employed, at the retail in 19SM1 added £81,000 rad the

Company

FINAL DIVIDEND

Astbury and Modaiey (Holdings) Tuswiay

a rise from £i.3lbn to £L4lbn. L“ a #H c a TL numbere employed at the retail in 19SM1 added £81,000 rad the S™ 551

Profits before tax included lower h 5. 16 not ■? ead office . h . a . ve h **n reduced dividend for that year absorbed Sk?b!7JS? Pwtum

inve^nent income of £1.34m S li £ l S^S?JL^uSSS SS.2SJ* to ™der 100. £73,000. , ISe SSSS2?

investment inemne of£l34m a” discouraged by the results from over 150 to under 100" CT3 000.

(£2 l«m™and asSciat^' conS ^, ver y mu ch in line with Short-term borrowings have been Statet

bSion? of £0.olST«I.7&m) ^ board ^ expectations. cut from £L7m at January 31 9.6p <£

Tax charge was down from

£5.58m to £3.Sm, minorities took a_a, _ A _ 1 a dT^I 1

Better trend at Samuels

£1.25m to £0.5m. There were

m°i7m Cl rh^) CTeditS of f3 ‘ 31ni ™ ST EALF im ^ of This improvement has been dropped

Stated eramnes ner £1 share s f nne J s o n ^Un Service, supplier fully maintained in toe first The

^ of equipment and services to tbe weeks of the current year. amneei

9.6p (l.8p earnings).

Better trend at Samuelson Filin

Border Breweries (Wrexham)

nrtfin^ 4j> television industries, as last year, me group pro- name of toe parent co

' d lt4p n , n « prov ® d fr0m £289 ' 000 10 poses to recommend the payment Samuelson Group A
p> ‘ £353,000. of a single dividend, the amount siftinrv tn he icnnvm n

Farnall Hbbuoimcs

SPAIN

‘AprK 23
Banco Brfbjo
Banco Contra
Banco Extano
S«ut Hhspsn
Banco led. C
Banco Saman.
Banco Utqirijo
Banco Vucay
Banco Zars^o
Oiagedoa ...
Espanola Zinc

Fecsfl

Gal. PiaolKtos

Hi4M*a -

f herd ufa ro ....
Psiroteoi ....
Pairotibrt ....
Sogerisa ..i —
Telefonica ....
Union Elver, .

Price
; ;+ w-
3*3
341
305
314
110
330
203
3®

246

154

6S H*2
62-5

38.5

63.2 H-0.2
56 -0.5
SO 2 I+.0.2
39

7.5
70

63.7. -QJ

The company's interests in
France and Australia have

making a significant contribution £283.000. Li 1979-80 profits had business in the^UK. V {J“^ l3 lll an F tf ra)1 1 j ! ® rton -

to group profits Between them Hwwg PHrotauH.'s^ST"’:

they accounted fbr over half of . t». u n ,, .!%*/+ M >™ fln d- ®»«J J-) -

The profit, toe directors report. LJlfiSlfirilPlfl rrftDPmP? JJl fu im Jessai. Taynoee

Revenues from rental equipment lC11IC1U ^ lUpCIUC^ di M.Jiil Kuam s^iango, RuM >, r

business in toe UK showed a TAXABLE income for 1981 at £5.55m to £7.33m and income uh ifiw? r n v««' Twi"'

small decline. Chesterfield Properties rose from completed properties rad Liberty and Co

While the seasonal effect of from 0.31m to £4.3Im The dlvi- other activities was ahead from

the Chnstinas/New Year break dend his been raised from 6p to '

continued to be very pronounced. 7 .25n with . The directors say that rental aWsJZLr

Chesterfield Properties at £4. 3m

Huntwjg PeiroTeum Senricss .....

Hyman fi. and J.)

Jessai. Tayntwa

Kuala Salang&r Rubber

U>ng (Jonn)

continued to be very pronounced. 7 2Sn with an Iimwxmi fi n *i »• 4ue oirecwra say wuu nmraj Marha and'Soan^r'

they say that toe second half ' - lnci16ase<1 nal 01 income includes a full year's. ■Marlborough ProSny'''Hrtdiifli»‘

saw a "considerable recovery in contribution from developments Moss eras.

the overall level of activity Earnings per 25p share were at Rugby, Wembley and Heston, ijj 011 ' Uames) Holding*

relative to that in the same higher at I0.43p compared with which .were completed during

months of toe preceding trading 8l32p. 1980. Property investment Parambo . me Martin8a

period." Turnover improved from improved from £4.8Sm to £6.54m. Fanajnd

igner at lu.up compared with wnien .were compietea aunng 0Hi - • —

22p. 1980. Property investment ParaX .! Mart ' neft -■

Turnover Improved from improved from £4.8Sm ta £6.54m. Foansud Jnduatr.s* !

Announce-.

Dividend (trt*

mont

Last year

This year

due

inr..

Final

Int.

Tuasdjy

1.0

4.0

1.0

Fr»dBy

ZO

Wedriasday

1Z5+

B.S

1Z5*

Wednesday

5.0 .

10.0

5.75

FMay

7.9

3.787

1.9

Thursday

3.0

10.0

3.0

Wednesday

1.3

3.6

1.4

Monday

1.135

1.0

Thursday

0.1

Monday

1.75

2.25

1.75

f-mday

1.3975

4.6Q25

0.9317

Monday

USB

1.5125

7.2678

Mondsyj

0.5

1.0

Friday

2.0

H m

Monday

—

_

Rriday

3,08

G.1G

_

Thursday

30

3.0

3.0

Thursday;

0.9

Tuesday

1.05

1.3li

1.05

Tuesday

1.5

3.7

1.8

Thursday

0.S5

1.6

tA

Thursday

1.0

1.5

1.15

Thursday

15.0

30.0

1S.0

Thursday

6.0

13.0

6.0

Thursday

1.5

4.16

1,5

Wednesday

2.0

2.0

Wednesday

2.0

4.6

2.0

Wednesday

2.0

4.5'

125

Monday

0.4136

0.4136

Wednesday

1.75

3.25

1.75

Thursday.

45

9.0

4.5

Tuesday

1.0

1-875

1.0

Tuesday

1.2

2.65

1.5

Wednesday

0.4

1.3

0.4

Wednesday

1.0

2.5

1.0

Tuesday,

4.0

6.0

4.0

find ay

0.5

0.93

0.5

Thursday

1.5

2.3

1.75

Tuesday

—

0.325

Thursday

0.7

1.0

0.7

Wednesday

Tuesday

7.0

Thursday

2.5

4.5

2.5

Tuosday

0.2

0.4

0.2S

Wednesday,

0.33

lb

0.4

TiKMIday

Wednradoy

Tuea<toy —

r Announce

Compflny menc

P®n*or» Group *. W«22S*iy —

Srfentmgftt Hokfings rt

9.roon E^ineenn^ ... . 12

&neH (John C.) end Tidirkae tueedey i s

*»*} {W. H.) enrf Son (HoWings) y *

SroWi (W. “h!) ^Soii (H«dH»wj Wednesdw 14

Soa/row < G .‘"w. j"w4 si w " 2|
SunHJgfri Service Group i.” p StT**

TeSepbone Ren«*s MtafoMfar I'd

TW»n T-tero Caravans “ —

Txi

w ?S3s ^

r ?£££ >i

JSSCTrjSS An9el WeSSdey !l

G “ rBe) V OJ*

jtae casts - - T^utxdsy qa

INTERIM DIVIDENDS

Aronson Group "i" fL

. Ben &o*ioy Coiwmidiw, S‘2

Bolder and Southern Stockholders T s t. Tuoaday 13
(J. A.) — WftdnasAejr ^28

2.0

North Bflrdeh Prapenrfea'."".'.'.!!."""!!."!!.' TYrosSay f - ?

Salaguatd indusinal invesemeivu Tueetlav i*

United W*ro Group T>m2di!y! zst

INTERIM FIGURES

Audio rWetiiy Thuiadw

GroeneoK Properties Tuesday

Hoover * Thursday?

&> , P 0,lia * Choneoas Industnes ....... Tfrirrgttart

MtcroMm fleprogrephree WadiuMdav

Dividend
Last year .

lit.

Final

_

a— W

- fto®

1.0

2.6

-:2B *’

4.0

8n :

' *A. r

0.6

1A

.06..;

1.5-

■ t# - ■

• T*_- t • ;

1.4

22 :

: * :

0A .
05 : '

OR.—' *• .

10.5 . - .

«». A*

0795 -S3F ::
3.3-- m * !
AP . I
(W, .<W v

1.9 *

2.686 t*

1.7 a«s...

12

Friday

Monday *

Tuosday

Tuaediy

Thursday

Thiuadex

2. T -

• A0 ■ ...

0.58:

-.0.305

0.44

<L»

1.29

1J5’ - •

2.25 ^

CL2S

2.0

3:5.

2.0...

l.V

,zo

i.a

r < 0 :

1.0

■> 2.0

3-2

•'2m:

IHuradoyi

Tuesday

Thursday)*
Tfrvrjrdo yt
WudiukKtay

9^ ' 0W1,, f® 1 Peeper ah ore end ■ dbanSl to W v -

sonp tsaue. fFirovquqrwlifture». t Total <d ft rst and ssam4 -

- • '• ■:

Financial Times Saturday April 24 1982

19

SUMMARY OF THE WEEK’S COMPANY NEWS

Take-over bids and deals

great Uawasal Stores made agreed bid for Empire Stores
(Bradford) valuing the catalogue mail order group, which is the
smallest of the five principle mail order companies, at £37m.
™ SK2?** 0, J “* °? er ’ which follow a week of negotiation, are
one GUS A share plus 286 p cash for every six Empire shares.

John Menzies, the stationery and newspaper distribution cou-
eern. launched a dawn raid and followed with a full bid for
Lonsdale Universal, the office equipment group. Menzies
acquired 11.22 per cent of the Lonsdale equity at 60p per share
and attended an offer at that price for the outstanding shares.

ko^dale at £5.6m, but news of the moves
Printing and Communication Corporation to

- acquire 10.25 per cent of the Lonsdale equity at an undisclosed
price. Mr Robert MaxweU. chairman of BPCC, stated that his

intended to assist Lonsdale in remaining independent
-should it wish to. .

. Britannia Arrow launched a £15.3m counter bid for General
and Commercial Investment Trust based on the latter's net asset-
°F er tops a £13.8m bid by Refuge Assurance agreed

- with G and C last week, and Refuge has declared that It has
no intention of increasing its offer.

:: : • A counter-bid of £192.000, or 2Qp per share, for Speedwell
■ , ^’ L .„ loss-making shCet-metal engineer, was launched by
Securities. This compares with an earlier offer worth
.£144,000 from Astra Industrial Group. The latter agreed to
-fi* - per o* 311 s»ke in Speedwell and to buy subsidiary

: Speedwell Engineering for £150,000. ^ ^

Value of Price Value !

.. . company bid per Market before of bid

. - pw tor share** price** bid £m’s*** Bidder

Value of

Company Wd per Market

bhi for share** price**

Price

before

bid

Value
of bid
£mV*

Bidder

P.fcas In pence unless otherwise indicated.

General & Comm.

288iJt

250

235 •

15.32

Britannia Arrow

General & Comm.

263*+

250

224

14.06

Refuge Ass.

Grant Bros.??

190*

186

179

2.28

Jadepolni

Heron Motor Grp.

34*5

32

23

4.33

Heron Corp.

Lancaster (D. M.)

27!* .

26

28

4.36

Intasua

. Lonsdale UnrersL

60*

66

42

5.39

Menzies (J.)

Moran (C.) Group

^0*

2lTt

21fT

3.47

Mr C. Moran

Norm and EZectrl.
Speedwell Gear

.60S*

53

41 ff

5.46

Henderson (P. C.)

Case

20*

23

14

0.19

Lalhkill

Tunnel HIdgs.5fi

5875

545

565

134.50 RTZ

* AJi cash offer, f Cash alternative, t Partial bid. J For capital
not already held. •* Based on April 23 1982. ft At suspension.
tl Estimated. $g Shares and cash. SC Unconditional.

PRELIMINARY RESULTS

Company

Year

to

Pre-tax profit
(£ 000 )

Earnings* Dividends*
per share (p) -

-Gapseals

50*5

50

'■ta woods

S03S5

290

'TCP North Sea

224 •

217

Empire Stores

11355

106

■■ Federated Land

175*

171

PriCN In pane* unlees otherwUa indicate*.

45 2.43 Sonoco

263 146.75 Bedland

145ff 17.56 Tricentrol

92ft 36.89 GUS

142 19.03 BSC Pnsn. Funds

Biddle Holdings

Dec

L510

(1.350)

21.6

(20.4)

9.0

(9.0)

Black (A & C)

Dec’

122

1 68 iL 11.7

(1.1)

5.39

(2.0)

Body cole Inti.

Dec

920

(1.080)

9.0

(8.9)

4.D

(4.0)

Booslead

Dec

1,420

(2,140)

1.3

(2.2)

1.25

(1.25)

Brammall (C D.)

Dec

2,110

(1,670)

25.1

(24.9)

6.0

(555)

Concord Rotafiex

Dec

1.080

(1.240)L 6.6

(— )

2.0

(0.1)

Cory (Horace)

Dec

206

(311)

2-0

(2.8)

1.1

(1.3)

Currys Group

Jan

11,270-

(12^70)

19R

(22.8)

4.95

(4.5)

Cassias Property

Dec

1.250

(455)

15.6

(7.5)

9.5

(9.0)

Danish Bacon

Dee

560

(268)L 12.0

(— )

3.5

(3.5)

Dares Estates

Dec

853

(348)

2.8

(1.5)

1.25

(1.13)

Delta Group

Jan

6.200

(6.100)

0.9

(6.2)

3.64

(3.64)

Duncan Goodrtckc

Dec

675

(675)

31.7

(29.4)

12.0

(12.0)

Dunlop Holdings

Dec

oil

(10.000)

—

(— )

4.0

(4.0)

EJS Group

Dec

2,820

(2.210)

19.8

(19.2)

4.5

(4.15)

Empire Stores

Jan

2,420

(5.610)

5.6

(10.4)

2.55

(5.1)

Fogarty (E.)

Dec

1.320

(1,550)

6.3

(14.7)

4.02

(4.02)

Greens Econmsr.

Dec

2,820

(1.870)

22.5

(15.1)

5.75

(4.93)

Year Pre-tax profit Earning* Dividends*
Company to (£000) per share (p)

Haden

Dec

7.680

(6,240)

30.1

(26.5)

7.5

(655)

Hamilton Oii

Dec

13J70

(18,870/

12.9

(18.4)

1.0

(— )

Harris Queensway

Dec

10.460

(6,450)

10.0

(7.3)

4.33

(4.0)

Harrison Cowley

Dec

520

(924)

4.9

(10.5)

3.85

(3.85)

Hawker Siddeley

Dec

121.100 (113,000)

40.1

(35.2)

9.3

(8.2)

Headlam Sims

Dec

474

(300)

7.0

(10.3)

2.6

(0.98)

Henriqaes (A.)

Dec

36

(137)

1.2

(2.4)

1.5

(15)

Heslair

Jan

L640

(733)

4.3

(1.9)

2.0

(1.0)

Laporte Inds.

Jan

15,210

(11,700)

10.6

(5.5)

7.0

(7.0)

Lamont Holdings

Dec

461

(424/

3.8

(3.8)

U

(J-l)

Lawrence (IV.)

Dec

, 1,840

( 1,340 )

33.2

(23.9)

S-25

(7.0)

Lndn. Advertising

Dec

318

(261)

1.1

(0.8)

0.15

(0.1)

Marshall (Thos.)

Dec

884

(847)

11.3

(1L2)

2.8

(2.78)

Menries (John)

Jan

9,430

(7,660 f

2S.2

(21.S>

4.5

(3.75)

Owen Owen

Jan

220L

(2.620)

6.3

(28.6)

3.0

(455)

Perry (Harold)

Dec

3.720

(3.420)

13.4

(1L4)

3.75

(3.5)

Photax

Dec

409

(384)

13.5

(13.S)

35

(3.5)

BMC Group

Dec

4L668

(46.610)

26.9

(29.8)

9.5

(9.0)

Rush St Tomkins

Dec

1.710

( 795 )L 12.3

(— )

4.25

(3.75)

Si !v ermines

Deo

3,300 f

(1.800)*

20.6

(4.8)

3.5

(3.0)

Spear & Jackson

Jan

384

(32S)

7.1

(6.7)

6.58

(6.5S)

Steel Brothers

Dec

7,810

(5,590)

42R

(28l4)

6.45

(4.85)

Streeters Gdlmng.

Dec

215

(215)

2.9

(2.9)

—

(— )

Son Life Assnr.

Dec

6.470J

(4.720)111.6

(8.4)

11.0

(8.25)

Tate of Leeds

Dec

611

(391)

44.5

(32.9)

1.25

(1.25)

Tilbury Group

Dec

2.180

(629)L 81.8

(■— )

25.0

(22.38>

United Friendly

Dec

3.130

(2.790)

12 J2

(10.7)

S.5

(655)

United Parcels

Jan

6.050

(5.040)

15.9

(14.4)

4.5

(3.5)

Websiers Group

Dec

1.330

(820)

7.1

(7.2)

2.5

(2.3)

IVelbecK In vs.

Dec

410

(623)

6.4

(10.fi)

2.0

(1.85)

Western Motor

Dec

4S7L

(316 )L —

(— )

(— )

Rights Issues

Hallam Sleigh and Chesion — Is raising £525.000 by way of a three
for two rights issue at lOp per share.

Steel Brothers Holdings — Is raisiDg £4.73m by way of a one for four
rights issue at 170p per share.

Wm. Low — Is raising £3. 353m by way of a rights issue on the basis
of ooe for three at 145p per share.

INTERIM STATEMENTS

Half-year Pre-tax profit interim dividends*
Company to (£000) per share fp?

HglmL Electronics Oct

38

(S7)L

—

(-)

Ltnread -

Jan

150

(242)L

—

(— >

Low (WiHIam)

Mar

1.050

(896)

2.1

(2.1)

McRechnle Bros.

Jan

5,030

(4.140)

2.0

(2.0)

Smiths Industries

Jan

11,170

(9,970)

4.0

(3.7)

Samuel Props.

Dec

L540

(1.110)

U

(L2)

Spencer Gears

Dec

195

(54)

0J3

(0JB)

Wade Potteries

Jan

52

(218)

0.5

(0.5)

(Figures in parentheses are for the corresponding period.)

* Dividends shown net except where otherwise stated, t In I£.
¥ Profits after tax. LLoss.

Scrip issue

Tilbury Group— One for two.

Offers for sale,piacings and introductions

Andre de Brett— Is coming to the Unlisted Securities Market by
way of a private placing of 25 per cent of its shares at 6Dp
per share.

CASS — Is joining the Unlisted Securities Market via a placing Of
950.000 shares at 105p-each.

Continental Microwave — Intends to join the Unlisted Securities
Market following a placing of 248,000 shares at 260p per share.

Brack Holdings— Makes its debut on the Unlisted Securities Market
next week. The company is placing 1.25m shares at 130p.

Nabisco Brands — Is seeking a London listing.

Oilfield Inspection Service* — Is planning to come to the Unlisted
Securities Market following a placing of around £2ro-

G. Ruddle — Plan to join the Unlisted Securities Market by way of
a placing.

APPOINTMENTS

Changes at Bankers Trust

■'•BANKERS TRUST INTER-
NATIONAL. the London-based
merchant banking subsidiary of
Bankers Trust Company, has
.made the following changes: Mr
-Rick Dietz, who has been run-
.;olng B. F. Goodrich's worldwide
..acquisition and divestiture activi-
-ties. has become director, mer*
-gers and acquisitions: Mr Randy
Dumas, recently vice-president
corporate finance with Rotan
‘/Rosie, Houston, Texas, has
.become director responsible for
~ 4 ftarketing to corporate names
..with a major emphasis on the
.energy sector; Mr Victor Suchar,
former head of international cor-
'porate finance at Irving Trust
has become director, marketing,
’!3 the corporate sector; Mr Karl
Ziegler, who was head of loan
syndication at FNBC, has become
director, marketing, for the.

Middle East Africa region: and
Mr Rand SeUg (Tokyo) and Mr
Allen Wheat (New York), who
are responsible in these two
centres for Bankers Trust's inter-
national capital markets and
arbitrage activities, have been
appointed non -executive direc-
tors.

★

BAIRD CORPORATION o£
Bedford. Massachusetts. U.S.. has
appointed Mr R. J. F. Howard
to the board of its UK subsidiary.
Baird UK Holdings, parent -com-
pany of Baird-Atomic and R. A.
Stephen. Mr Howard is chair-
man of Phicom and a director
of Cambridge Electronic Indus-
tries. Fothergili and Harvey and
Chiltern Radio. _

. ★

Mr Peter Dodd has been
appointed an executive director

Mr P. J. Neill, Mr R. A.
Edwards and Mr J. C D. Gold-
schmidt will be leaving the
partnership of KITCAT Sc A JT-
KENSON. stockbrokers, on April
29 and Mr D. A. Collin gw ood and
Mr T. i. Cook will be joining the
partnership on April 30.
k

of CAR CARE PLAN (SECURI-
TIES DIVISION).. Mr Michael
Partridge has been appointed
sales director of Car Care Plan.

Mr Christopher Phillips has
been appointed production
director of HORSELL GRAPHIC
INDUSTRIES, a Horsell Group
subsidiary.

★

Mr Ian Faulconer Heathcoai
Grant has been appointed a direc-
tor of FIRST CHARLOTTE
ASSETS TRUST. Mr Gram is

managing director of Glenmori-
ston Estates and a director of
Japan Assets Trust.

*

Mr T. W. Moorse and Mr
J. IV. H. Bolton have been
appointed directors of F.
BOLTON CROUP. BOLTON
MARINE SERVICES, a- direct
subsidiary, has appointed Mr R.
Bartlett its chairman. At THE
BOLTON STEAM SHIPPING
COMPANY, the following have
been appointed to the
board Mr Tel Arison, Mr
M. W. Arison. Mr W. D.
Parkhorst. Mr H. Levinson.
Mr 11. A. Muller hes been
appointed managing director. ic
P. B. Arthur has been appointed

“PENNY SHARES”

Monthly adviea on low-pricad
shares, which to buy and
whan to sail
For lull details and a
FREE COPy w rite:

THE PENNY SHARE GUIDE
11F Blotnfield S treat
London EC2M 7AY

BASE LENDING RATES

7 A.B.N. Bank 13 %

‘ Allied Irish Bank .13 %

’. American Express Bk.’ 13 %

Amro Bank 13 %

Henry Ansbacher 13 %

■ Arbuthnot. Latham .... 13 %
'Associates Cap. Corp. IS %

Banco de Bilbao 13 %

BCCI 13 %

Bank Hapoalim BBff ... 13 %
Bank Leumi (UK) pic 13 %

Bank of Cyprus 13 %

Bank Street Sec. Ltd. 14 %

. Bank of N.S.W 13 %

.. Banque Beige Ltd. ... 13 %
r Banque du Rhone et de

la Tamise S.A 131 %

- Barclays Bank ......... 13 %

■ Beneficial Trust Ltd. ... 14 %
.- Bremar Holdings Ltd. 14 ^

. Brit. Bank of Mid. East 13 %

■ Brown Shipley 13 %

Canada Penn*t Trust.. 13{%‘
Castle Court Trust Ltd. 13*%
Cavendish G ty T'sl Ltd. 15

Cayzer Ltd. 13 %

Cedar Holdings 13 %

■ Charterhouse Japhet.. 13 %

. Choulartons 13$ %

Citibank Savings U2J%

Clydesdale Bank 13 %

. C. E. Coates 14 %

Consolidated Credits... 13 %

.. Co-operative Bank *13 %

Corinthian Secs 13 %

The Cyprus Popular Bk. 13 %
-- Duncan Lawrie 13 %

- Enqil Trust 13 %

E.T. Trust 13 %

Exeter Trust Ltd 14 %

„ Firel Nat. Fin. Corp.... I5i«5
First Nat. Secs. Ltd.... 15i%

- Robert Fraser 14 %

Grindlays Bank tl3 Or,

I Guinness Mahon 13 %

iHambvos Bank ..1 13 %

Heritable & Gen. Trust 13 %

I Hill Samuel 513 %

. C.. Hoare &. Co :....tl3.%

Hongkong & Shanghai 13 %
Kingsnorth Trust Ltd. 14 %
Knowsley & Co. Ltd. ... 1S»%

Lloyds Bank 13 %

MalliatiaU Limited ... 13
Edward Hanson & Co. 14.%
Midland Bank 13 %

■ Samuel Montagu 13 %

■ Morgan CrenfeU .23 %

National Westminster 13 %
Norwich General Trust 13 %

P. S. Refson & Co 13 %

Roxburgbe Guarantee 134 <?,

E. S. Schwab 13 %

Slavenburg’s Bank ... 13 %
Standard Chartered — ;|13 %

Trade Dev. Bank 13 %

Trustee Savings Bank 13 %

TCB Ltd 13

United Bank of Kuwait 13 %
Wbheaway Laidlaw ... 13
Williams & Glyn’s *...... 13 %

Wintrust Secs. Ltd. ... 13 %
Yorkshire Bank 13 K

l Members ol ihe Accepting Houses
Comm, tree

7-day deposits 10%. 1-month
10.25%. Short term £8,000/12
month 12.6%.

f 7-day deposits on sums of: under
£10.000 10V.V,, £10,000 up to

£50.000 11%. £50.000 and over
11V*.

Cell deposits Cl . 000 end over

lOli.

J 21-day deposit* over £1,000 11V*.
Doniiind dopes its 10L%.

Mortgage bass rate.

M. J. H. Nightingale & Co. Limited

I 27/28 Lovat Lane London EC3R 8EB Telephone 01-621 1212

1981-82
Hmh Low
130 10O

p/e

Gross Yield Fully
Price Change div.(p) "A Actual tasad

15

51

ar

73

M5 187
107 100

1C4

131

83

78

ma

61

97

39

40

33

103 100

113 94

i.-3 103
334 340
M 57
222 159
15 10

80 66
.14 •**

103 73

263 212

Company

Asa Brit. Ind. CULS...

Amtprung ..

Armitaqe * Rhodes

Bardon Hill

CCL npc Conv. Piel....

Deborah Services

Frank rtorsail

Frederick Parkar

Gaoiqo Bleu
Ind. Proeision Castings

Ibis Conv. Pref

Jarkson Group

Jumra Burrough

Robert Jenkins ....

Scrunon* " A" —

Torday & Carlisle

Twinlpck Ord.

Twin loci 15pc ULS

Unlock Holdings

Walter Alexander

W S. Yeatea

Prices now availabta on Presicl P a Q c 48146.

130

+ 1

10.0

7.7

—

—

73

4.7

6 4

11.6

1B0

A4

—

4,3

9.8

37

83

200

9.7

4.9

97

11.8

107

—

15.7

14.7

—

—

62

6.0

9.7

3.1

58

129

+ 1

5.4

50

11.0'

22.9

76

.+ 1

6.4

6 4

3.9

74

54

—

96

73

7.6

6 9

10.4

109

15.7

14 4

—

—

S3

» _

70

7 1

3.T

70

V3

aaa

8.7

7.7

8.2

10.4

244

+ 2

31.3

12 8

3.4

. 8-6

64

53

8.3

9.8

91

169

(paa

10l7

6.7

5.1

9.5

134

— -

—

—

—

—

80

__

15.0

IB 8

—

—

25

_

30

120

4 5

7.6

ao

+ 1

6.4

80

5.3

■8.3

231

14.5

6.3

S.0

12.1

LOCAL AUTHORITY BOIID TABLE

Aulhorily

(telephony number in
parentheses )

Knowsley (051-548 6555)

Annual Interest Life

gross pay- Minimum of
interest able . sum bond

£ Year

13 * 1-year 1,000 . 4e8

THE TRING HALL
USM INDEX
1192 (+0-6)

cIokp of business 23/4/82
BASE DATE 10/U/M 100
Tel.: 01-638 1591

ladbroke index

Close 565-570 (nnehanged)

The Mercantile
Investment Trust EL.C

The Company is pursuingits twin aims of
adding to its overseas interests and of seeking
growth through investment in smaller and
unquoted companies.

Year to 31st January 1982
Dividend 2.60p Earnings 2.64p
Assets (prior charges at market} 87 1 . jp

Copies offtie Report & Financiat Statements may beobt mn edfronx
7ht? Mercantile lart^imcnt 7 TtM P.L.C . r&O Building,

122 Lendenhall Sirc-et. London EC3\‘4pR.

The Annual General Meeting uTII be held at The Chartered
Insurance Institute. Jtf AUiemianbury. London. EC2V 7HY an
Tuesday 27 ih Apr d at 12 noon.

EUROPEAN OPTIONS EXCHANGE

I May . Aug. Nov.

Series

VoL

Last .

Vol.

Laat

Vol.

Lott stack

GOLD C

8560.

20

■ 17

4

34

9

48 4352.50

GOLD C

5375

20

8

23

24

n

COLD C

*400.

4

4.80

51

13 A

—

— ,,

GOLD C

3493

_

S

7B

—

n

GOLD P

8525

10

, 6,50

—

—

—

— f .

GOLD P 6350,

12?« NLB1 87-92

'

1

18 A

“ '

C

F.I05.

42

■ 0.70 ■

_

- F.115

c

F.llO

10

4.40

—

^

c

F, 112.50,

no

a.io ■

—

—

17

3.10

c f.iib;

10 j* NL 80 86-95

270

1.50 .

■ to

c

F.IDO,

150

3.7 O

50

3.90 :

—

— F. 105.70

C F. 102.50,
HU NL 82 BB-S2

16

. 1.50 .

200

2.30

“ • "

C

F.IOS:

•

• _ •

13

1.90 F. 104.90

- C

F.1O7.50,

- 1

July

Oct.

100

. 0.80 ,

Jan.

ABN C

F.300

—

—

—

—

10

11 F.SO 3

AKZO C

• F^B

U

6.20

■—

--

—

- F. 30.30

AKZO C

F.27.50'

46

3J30

12

3.40

12

3-40

AKZO C

F.SO

49

l.SO

49

1.90

90

2.50 „

AKZO C

F.32.50

60

0.60

46

1.10

50

1.70

AKZO P

F.30:

—

—

21

2

— „

AMRO C

F.SO

274

4

19

4 JOB

—

-- F.53.40

AMRO C

FW

21

0.B0

25

1.20

25

1.60 B

HEIM G

F.SO

SB

11

—

-

-

- F.60.70

HEIN G

f.ss:.

94

6.70

M

6

—

HEIN G

FM

20

2 A

55

3 . 30

—

HEIN P

F.B5

25

1.50

20

1.90

-*-

HEIN P

F.&O

20

5 B

—

—

—

■ • — ..

HOGG G

F. 17.50

—

—

-

10

2 F.17.20

KLM G

F.10O

24

10

—

—

- F. 104.80

KLM C

F.110'

62

. &

15

9.80

—

— , „

KLM C

P.120'

57

5 A

55

5.20

17

7.50

KLM P

F.90 :

—

—

15

3

—

KLM P

F.100,

41

3.50

—

—

—

KLM P

F.110'

Sb

9

—

—

—

— II

NEDL G

F.120 :

24

4.60

*-

— -

—

- F.121.60

F.110'

-

—

10

t

—

- F.117

NATN C

F.11S.

33

3.10

—

—

10

NATN P

F.115,

10

2.30

—

—

—

PHIL O

FJO

20

5.20

“ ~

—

- FJ9.10

PHIL C

FJ2.S0I

ZD

8.60

—

—

—

PHIL C

F^5,

197

■ 1.10

61

1.70

25

2-20

PHIL C

FZ7.50

54

0.40

105

0.50

157

I

PHIL P

F.2S

—

—

W

. 1.40

—

PHIL P

FJ7.SO;

—

— .

—

— .

10

3.50 B "

F^O

60

13.10

51

13.50

—

• FJB8.90

RD C

F^O 1

343

4.40.

88

5J0

26

„ JA ,.

ftD C

F.lOO

221

1 A

54

1.60

50

2 .80 „

RD P

F.80.

—

— -

55

1.60

—

— „

RD P

F.0G

15

3.80

1!

4.50

—

— re

UNIL C

F.160,

12

1.50

11

3

—

- F.158.20

-

May

Aug.

Now.

BO El C *20

TOTAL VOLUME IN
A = Asked

CONTRACTS:

B=BJd

20

2 ia-

4535

C — Ceil

, — saoi,

r-put -■

chairman of BOLTON MARI-
TIME MANAGEMENT and Mr
M. A. Mailer has been appointed
managing director. Hr IK. A.
Muller has joined the board of
NOSIRA SHIPPING and has
been appointed managing direc-
tor. Mr J. M. Harrison has been
appointed to the board of F.
BOLTON INTERNATIONAL.

■k

Mr J. P. O'Brien has joined
HILLALDAM COBURN as mar-
keting director. He was market-
ing director of Glynwed Bath-
room and Kitchen Products.

*

NORTH CAROLINA
NATIONAL BANK. London
branch, has appointed Mr Daniel

T. Wall, general manager, a
senior vice-president. He remains
genera! manager of the London
branch.

★

Mr Derek Millard a director nf
Finance Corporation for Industry
has been appointed to the board

of COLE GROUP in a non-execu-
tive capacity.

*

Mr Tony Richardson, the
former senior director of Com-
puter Resources, has been
appointed marketing director ol
UNITED COMPUTING’S UK
operation.

★

Mr Chris Buckman has been
appointed managing director of

SAM B RON. a wfaoly owned sub-
sidiary of Sambron SA of France.
Mr Buckman will take up his post
on April £9 relinquishing his
position of export manager of
Coles Cranes, a rq ember of the
Acrow Group.

★

Mr David F. McCnrrach retired
from his directorship or the
ALLIANCE TRUST following the
annual meeting.

★ .

Tuan Hajl Mohd. Desa Pachl
ha s been appointed a director of
SIME DARBY BERHAD.
k

Mr Charles Challinger has been
appointed managing director of
MECMAN. Merman is the British

subsidiary of ,AB Mecman. Stock-
holm. Sweden.

*

Mr Colin Bourne has been
appointed publisher of TATLER
MAGAZINE by Conde Nasi Pub-
lications. the company’s owners.
Mr Bourne was Vogue’s advertis-
ing director.

*

Mrs Avril Poole wtll become
chief musing officer of the
DEPARTMENT OF HEALTH
AND SOCLAL SECURITY on
October 1 in succession to Dame
PhylJL Friend who is retiring.

★

M Roderick Travers has retired
from PETER BROTHERHOOD
and Mr Barrie Mee has resigned.

UR. CONVERTIBLE STOCK 24/4/82

Statistic* provided by

DAT AST PE AM International

Cheap(-)

Con- Premiumt Income Dear(-)0

Name and description

Size

(£m)

Current

price

Terms*

version

dates*

Flat'

yield

Red.

yield Current

Range?

Equ.fi Conv.f Div.n

Current

British Land 12pc Cv. 2002

9.60

282.50

333.3-

.80-97

4.2

1.6

0.9

- 2 to

4

31.8

83.9

- 1S.6

+ 17.7

Hanson Trust 6* pc Cv. S8-93

3.02

176.00

114.3

76-83

3.7

1.3

-50 to

5

8.4

3.1

- 3.1

- 4.4

Hanson Trust 9ipc Cv. 01-06

150.59

115.00

71.4

85-01

S.5

8.3

5.9

2 to

14

85.5

74.0

-10.6

-16.6

Slough Estates lOpc Cv. 87-90

5.31

245.50

1875

78-84

LI

- 0.8

- 8 to

5

17.6

ISO

0.2

1.0

Slough Estates Spc Cv. 91-94

24.88

114.00

7S.0

80-91

72

6.3

10.7

3 to

15

31.0

45.4

14.0

+ 3.3

• Number ol ordinary shares into which C100 nominal of convertible stock is convertible. 1 tha ex we cost of muetunent in convertible evpresaad a* par cent of the
cost of the equity in th* convertible atock. t Three-month range $ Income on number o( ordinary shares into which E100 nominal ol convertible stock is convertible.
Tins income, expressed in pence, is summed from present time until income on ordinary shares is greater than income on £100 nominal ol convertible or the final
conversion date whichever is eariie;. Income is assumed lo grow at 10 per cent por annum and is present valued st 12 oar cent oar annum. * Income on Cl CO of
convertible. Income >s summed until conversion and preBeni valued at 12 per cant per annum. •'J This is income ot iho convertible lass income of The underlying
equity expressed as par cent ol the value of the underlying equity. O The difference between th* premium end income difference expressed as ocr cent nf Che value
of underlying equity- is an indication of refattva cheapness. — is an indication ot relative dearnesa. i3> Second date is assumed data of conversion. This is not
necessarily the last data of conversion.

Ultramar : A powerful performance

based on widespread strengths

Extracts from Me Arnold Lofbeeris Statement to the
Shareholders and the 19&L Annual Report

\bu will see from our Annual Report that we did well in
1981 Our sales revenue of £1392,500.000, cash flow of
£136,400.000, before tax profit of £180,200.000 and net
profit of £90,700,000 were records for the Ultramar Group.

On the basis of these results, your Board is
recommending a final dividend of 8p per share, bringing
total dividends paid out of 1981 profits to 13p per share. .

After three years of excellent growth, during which net
return on average invested capital has averaged over-

\25 per cent it appears that 1982 will be a year of
consolidation.

Our financiat position is strong and we have again
improved our net working capital. We have also been able
to continue, and even accelerate our capital expenditure
programme. All the signs point to 1984 as the year in
which we will double our gas production in Indonesia,
produce a fighter mix of petroleum products at the Quebec
Refinery, have a new source of North Sea crude oil and be
operating a modem fleet of medium sized oil-bulk-ore
carriers.

Our most important asset is the people who work for
Ultramat: Their dedication and talents are responsible for
the continued good results of the Ultramar Group.

Summarised Financial Results

1981
£ million

1980
£ million

3979
£ million

1978
£ million

3977
£ mill ion

Sales

1292J5

939.5

1,001.7

595J.

47Z7

Cash flow from
operations

136.4

100^

863

31.6

26.7

Operating profit
before taxation

180.2

1263

75 A

37.7

24-7

Taxation on
operating profit

87.6

528

30 J.

23 £

103

Operating profit

after taxation

B2.B

733

453

14J.

142.

Foreign exchange
fluctuations

(3L9 >

08

13

(55)

(5.6)

Net profit

90.7

74A

46&

S.5

S-6

EambtgBper

Ordireny Share

8&3p

6SJ3p

492 p

75p

82p

Ultramar

The British Oil Company

The Annual Report was posted to Shareholders

on 20th April 1982. If you are not a
Shareholder and would like a copy please
complete and return the coupon.

Name

Address

To: The Secretaries. Ultramar PLC, Morgan House,
1 Angel Court, London EQ2R 7 ALL

20

Companies and Markets

Financial Timei Saturday April 24 1982

WORLD STOCK MARKETS

MW YORK

r April i April

’ *22* ^ > 2 ril

ACF Industrie!....

SSte::""'

ara zz

ASA- - ;

AV5C Corp.

Abbot Labs- 1

Acme Clove •

AriQbe Oil A eas.
Advanced Mlora.
Aetna Lire a Gas
Ah man son fH.F.i'
Air Prod A Ghem

AKzona ...

Albany Int.

Alberto- Co tv.

Albertson's 1

A loan Alum In iu m
At co Standard.... 1
Alexander &AI ...

Alegheny Inti— .'

Allied Corp

Allied Stores ..... •
Allb dial men '
Alpha Pnrtd

Alcoa - i

Amal. SuflAr.....,.'

Amax i

Amdahl Corp...„„
Amerada Hess,...
Am. Airlines....... I

Am. Brands..

Am. Broadcast's

Am. Can

Am. Oyanamid...!
Am. Elect. Powr.

Am. Express :

Am. Gen. Insnce.
Am. Hoi at « □<..
Am. Home Prod-
Am. Hosp. Suppy
Am. Medical Inti

Am. Motors

Am. Nat. Reaees'

A m.Petrina

A m. Quasar Pet_

Am. Standard,.-!

Am. Stores _.]

Am. Tel. A Tel....,

Amotek Inc. I

Amfac. i

AMP

Amstar

Am stead Inds-... 1
Anchor Hockg,...!
Anheuser-Busch 1
Archer Daniels../
Arm co...—.- ;

36*, ; set,
181b 1 IBS*
1% I <4
25 1 | •• as %

54 .. 33**

19 1> IS <2
301; 30

21% . Slit,
18% 184

24 . 23%

45M : 42M
11 • 11

i- 36ts l

1 357s

9? e

9%

25

34*4

i 13%

1 14

28%

87%

' 185*

18%

1 20%

20

39%

2B%

• 2958

29%

, 33*1

32**

i 31

31%

14*8

14%

1 IQ *6

10*8

! WJb

25

: 46* 4

47

18 % 1 177g

49* 4 497a

424 I 413a
14 | 13%

37 , 36’j

43% ! 437g
23 | 22 it

4 3i a

27 | 263j

3B ; 37%
66% / 66 in
2778 , 27%
22% 225a

58 1 a ■ 577 B
225a ! 224s
2414 ; 24
157g ' 197a
48T 8 ; 47 7j
161a 1 164
IB I 19

Armstrong CK.-.i
A samara oil

Ashland Oil !

Aasd D Goads ,

Atlantic Rich !

Auto-Data Prg....;

Avoo - i

Avery Inti.. _....|

Avnet [

Avon Prod i

Baker inti

Balt. Gas A El I

Ban Cal

Bangor Punta ....
Bonk America.../

Bank of N.Y ;

Bankers Tst.N.Y.

Barry Wright

Bausah A LombJ
Baxt Trav Lab....
Beatrice Poods... .

Beker Inds |

Bell A Ho waif I

Bell Industries-.

Bendlx - —

Beneficial-

8% i B
22M 1 214
..! 217fl : 22
SSii 3Zh
395b i 37M
..' 259s ! 26
,.i 184s 1 IB
..I 265a 1 255 b

..[ 49 4 | 49%
.. 264 ■ 26
29 Jg f 284
..I 254 : 264
..I 244 244

„| 17 St, 174
J 19 ' 29

4058 1 414
344 ! 344
,. 167g | 17
J 44 4 444

,. 334 : 33 4

,.! 197a i 195 3
65s ! 64
.( 23 4 . 234
J 174 I 17&a
„i 62 4 < 624
J 19 4 I 195s

Beth Steel -.1 227 b

Big Thee Inds : 215* ,

Black A Decker. i 135g

Block HR 3 34 !

Blue Bell-. I 25

Boeing.. ' 20%

Boise Cascade ... 284 i

Borden 334

Borg Warner. 26 4

Braniff Inti 1 24

Briggs Strain 241*

Bristol-Myers 575, 1

BP ; 21 7„

Brackway Glass. 14 4
Brown Forman B 364 <

Brown Grp 304

Brown A Sharp 16 4
Browng Ferris.... 32 4
Brunswick 174

Buoy rus Erie ' 164

Burlington Ind ... 22 4
Burlington Nrthm 464

Burndy 20

Burroughs 357a

CBi inds. 1 334

CBS 1 424

CPC Inti •• 363,

CSX.. J 465,

Campbell Red L.> 134
Campbell Soup..., 35
Campbell Tagg..., 234
Canal Randolph.. 284

Can. Pacific 223*

Cart isle Carp ' 264

Carnation [ 317#

GarpTaoh [ 33%

Carter Hawley-.! 133,

Caterpillar.- j 454

Celanaae Corp ... 354

Centex.— 224

Central A Sw— ., 164

Central Soya. 11%

Central Tel Util.... 304
Certain-teed 12
Cessna Aircraft. 164
Champ Home Bid. 23,

Champ Int 16

Champ sp Plug-i "**

Charter Co.. l 9

Chase M an hatttm 564
Chemical NY — 364
Cheese Pond — _ 36
Chicago Pnaum..' 14
Chrysler..—.-....' 54
Chubb — ....... — 1 434

Cigna — ;

Cincinnati Mil..—!

Citicorp

Cities Sorvioi

City Invest

Clark Equipment
Cl eve Ollffs Iron.

Coro x —

duett Peeby

Coca Qela

Colgate Palm-...,
Collins Alkman...
Colt Inds...-.

53^8 I 531 ,
254 I 244
294 • 29
334 ! 333,
244 : 234a
23 234

234 I 237a
137a 13 4

164 1 164
34 7 B ; 34&a

184 ISM
127, 1 13
255, i 24*,

Columbia Gas— 33*
Columbia Piet— 707a
’ Combined Int— . 214
Combustn. Eng.. 1 354
Cm with. Edison 22
Comm.Satelita— . 53 5 b

Comp. Seience. J 114

Cone Mills. ‘ 301*

Conrao | 264

Cons. Edison 37 is

Cons. Foods 344

Cons. Freight...! 387,

Con. Nat Gas 1 464

Consumer Power] 175 b
C ont Air Lines...] 44

Conti. Corp. ; SB

Conti. Group. I 304

Cont. Iliinols.—.| 297s

i Conti. Telap 1 17

Control Data 1 294

Cooper Inds.

Coon Adolph j

Copperwald

Coming Glass-...:
Cartoon Black....
Cox Broadcast's/

Crane - .

Crocker Nat.....'

Crown Cork...—.!

Crown Zell i

Cummins Eng....i
Cu rtiss- Wright _]

Damon

Dana I

Dart A Kraft

Data Gan I

Dayton-Hudson -1

Deere

Delta Air

Denny’s.. 1

364 I 3 fi 4
13 ! 12

254 - 264
463, I « 4

204 > 204

31 ' 31

274 > 274
29 , 284

24M 23M

234 ' 234
39 384

304 1 404
77a / 74

26 4 ' 254b
63 ; 52/,

337, • 344
334 54

343, j 3358
314 I 304
245, ■ 255a

Dantsply Inti > 174

Detroit Edison,...' 12 4

Diamond Inti 38 4

Diamond Shank-1 214

D'Giorgio -.1 10

Digital Equip 1 794

Dillingham—. 12 1 ,

: Dillon 205,

1 Disney {Waltl......: 56 m

DomeMlnea 11

Donnelly iRR)_....i 445,

Dover Corp ] 244

Dow Chemical..... 234

Dow Jones... 1 47

Dresser— ' 22

Dr. Pepper 124

Duke Power. I 23 4

Dun A Brad......... 664

DuPont 35

EG A 6 17ig

Eases |

Eastern Airlines.
Eastern Gas A F 1
Eastman Kodak.;

Eaton

Echlln Mfg

Eckherd Jack. „>
Electronic Data. 1
Elect. Memories:

El Paso

Emerson Elaot.-,
Emery Air Fgt...

Emhart.... 1

Engelhard Corp:

Ensereh — J

Esmark-

Ethyl

Evans Prods

EX Cell O ;

, FMC I

Faberge. I-

| Fcddert ;

Federal Co

Federal-Mogul....
Fed. Nat Mort...-
Fed. Paper Brd...
Fed. Resource ■-
Fed. Dep. Stores

Fieldcrest Ml

Firestone

1st Bank System'
1st Charter Fin-;

1st Chicago 194

1st City BankTex 24 4

1st interstate 284

1st Mississippi.... 9*
1st Nat Boston ... 244

1st Penn • 34

Flsons 5*s

Fleetwood Ent...- H3*

Flexi-van 1 157,

1 Florida Pwr ft L.. 313,

I Ford Motor 32 4

Foremost Mck.... 3lij
Foster Wheeler.. 124
Freeport MeM—.i 16 4

Fruehauf 1 17

GAF • 134

GATX i 204

Gannet 1

Go ico

Gen Am Invest ...(

Gen Cinema

Gen Dynamioe....

Gen Electric :

Gen Foods. }

Gen Instrument...

| Gen Mills

Gen Motors

Gen Pub Utilities.

Gen Signal

Gen Telep Elec-

Gen Tire

'.eneseo j

Genuine Parts..

Georgia Pac

Geosource

Garbos Prod....

Getty Oil

Giddine Lewis..

Gillette

1 Global Marine-
Good rich IBP)..
1 Goodyear Tire..

Gould

1 Grace

Grainger IWWj.

Indices

’ April ; April

Stock | 82 ’ 21

Gt AU. Pad. Tea. 1 S7j
fit, Benins Pet... 34 34

GtNthn. Nekoosa 36% > 364
Gt West FI nan cl. 11 IQ%
Greyhound—. 14 ; 14

Grumman— —i 264 ! 264
Gulf A Weston,...; 154 ! «4

Gulf Oil '

Hall 1 FBI

Kalilburton

Hammermlll ppr:
Handlaman .......

Hanna Minirig....’

Karcourt Brace-

Harris Ban op ;

Harris Corp

Harsco I

Hecla Mining—.'

Helnz(HJ)

Haller Inti...—..;
Heroulea ........1

Hershey — ...

Hcublein

Hewlett PM

Hilton Hotels

Hitachi

Holiday Inna '■ 264

Holly Sugar 46%

Homestake „• 843*

Honeywell 684

Hoover 04

Hoover Uni ' 174

Hormel Geo.v,...' 24 'a
Hospital Corp....' 33
Household inti...' 17 J J
Houston Inds. 194
Hudson Bay Meg. 14*6

Hughes Tool 1 26*8

Humana^ - 254

. Musky Oil —

Hutton (EF),-

ICInds.

, IU Int—

(deal Basle Ind...

Ideal Toy

ICI ADR

Imp Corp Am er..

INCO—

IngersoT Rand-

Inland Stool-

Intel

Inter First Corp. ..

Interlake-

Inter North

IBM

Inti. Flavours i

Inti. Harvester... '
Int. In co ms prop.

Intpaper

int. Rectifier

Int Tel A Tel

Irving Bank

James i FS)

Jeffn -Pilot i

Jewel Cos...-

Jim Walter.

Johnson Contr.... 1
Johnson *J ns...
John than Logan.

Joy Mnf

K. Mart

XaleerAlum

, Kaiser Steel

Kaneb Senrleea..
Kaufmen Brd —

Kay Corp

Kellogg

Ken name tel.

Kerr-McGee

Kldde i

Kimberley-dark.
King's Dept St....
Knight Rdr. Nws.

i Koppers.

Kroehier.-

Kroger

LTV

j Lanier Bus, Prod;

Lear- Slagle r.

Lcaseway Trans,;

Lenox > 367,

Levi Strauss 824

Lavltz Furntr. 24 4

Libby Owens Fd. 224

Lilly (EDI 63

Lincoln Nat— 414

Litton inds ' 493,

. Lockheed- 344

Loews 97

Lone 8tar Inds... 214
Longs Drug Strs. 293,
Louisiana Land - 30s,
Louisian* Pac. .. 18 U

Lowenstcin - 877,

Lubrizol-. 204

Lucky Strs 15

M/A Com. lire-../ 22»a

MCA 53

MacMillan - , 153*

April : Aoril
22 ' 21

April . April
22 21

Macy |

MfcrsyHanover-.
Man vllle Corp — •

Mapco

Marine Mid

Marriott

i Marsh McLann...i
Marshall Field

Martin Mtta

Maryland Cup....

Masco.

Massey- Fergn...
Mass Mmti.Corpi

Mattel ]

May Dept, Strs...

Maytag j

' McCulloch

McDermott (JR)./

McDonalds

McDonnell Doug'
McGraw Edison..

McGraw-Hill

McLean Trukg ../

i Mead — „■

Media Genl ■

Medtronic

Mellon Natl i

Melville

Mercantile Sts ...i

Merek I

Meredith

Merrill Lyneh.— ]

34 4 : 325a
514 I 315,
134 13Se
313, I 317,
221, , 224
3778 | 38 4
34», ; 345)
293, 293,

29 i, 20 4
34*s 344

364 344

24 24

184 i 18*8
1888 ' 17*8
274 I 2 B~b

274 ; 274
103* ■ 10*a
23 4 | Z24
69 69

363, 56

294 . 283,
51 j 49
124 124

204 I 204.
38 i 577,
423d • 424
36 4 ! 36 4
47*b i 464
584 ; 68*8
764 764

664 554

29 ' | 29ie

NEW YORK

-DOW JONES

I April : April ; April • April ! April | April i
22 I 21 20 19 16 15 I

plndustr'lsi 863.12 B4M2' W0.6B'84 B.D»i8I6.4S;8!8J1
H.me Bnds. j 69.13- BS.M 1 B8J» J 39.13*59. 06' - j
Transport- 342.99 3«2.0S; 5«.I9;S«.4S:346.67>5MJ2|
Utilities— 113.741 1 12-621 11I.9B,111.8B:112J7;1W.1S

i i | i I

Tr ^W?t V ° l 54,470: 67,820' 64.0 1o| 68.470' BS ,B9ll|45,BU|

I ) I ! I I i

a Days high 897.02 low B43.80

1982 'Since Cmpil.t’n
High I Low High I Low

882.52 785.47 1051.75 ' 41.22

Kill 18/61 til/ 1/7!) (2/7/32)

53. OB 55.B7 ) — ] —

1 IS/4i (12/21 I

566.46 314.M I 447 .38 ! 12.32

(Till IB/51 (11/4(11)' (8/7/32)
112J27 103.81 188.32 10.5

(IE/4) : (IBM) (20/4/69) (28/4/42)

MGM

Metromedia

Milton Bradley...
Minnesota MM....-

Missouri Pac

Mobil -

Modern Merohg.

Monasco

Monarch MiT.

Monsanto

Moore McCmrk-

Morgan <JPj

Motorola — '

Munslngwoar ....

Murphy (OC)

Murphy Oil

Nabisco Grands.
Hal CO Chem :

Nat. Can,...—,,.'

Nat. Detroit-

Nat. DM, Chem-:
Nat. Gypsum —
Nat. Medical Ent
Nat. f emieduetr,
Nat. Service Ind.
Nat. Standard ....

Nat. Steel

Natomas.

NCNB

11 11
175a ■ 1774
667 8 . 65
SQ*s ' 211,
567 B ‘ 36 >,
824 ! 63(2
134 | 13*s
104 I 1058

201 , : 20*8

341, : 34 U
453* \ 459«

18T» i 1BV
SB ; *178
92*8 * 225,
21*s ' 21U
16*s 1 161*
257g • as
2418 , 24 i B
127 B . 13
197s 191;

187g . 18 l S

13 >2 13 '2

I NC*.

New England El- 1 !
NY State E A G.J

MY Times-

NewmontMInlng
Niao. Mohawk....-

NiCORIno

Nielsen (AC) A •

NL Industries

NLT - - !

Norfolk A Westn; <
Nti). Am, Coal....' •
Nth. Am./ Philips: .
Nthn. State Pwr. :
Northgate Exp...

Northrop •

NWast Airlines...

NWoat Bancorp- -

Nwast Inds 1

Nwastn Mutual-
N west steal W .. •

Norton

Norton Simon .... !
Occidental Pet -
Ocean Drill Exp. :

Ogden J

Ogllvy A Mrth. ...

Ohio Edison

Olin ; I

Omark.

Oneok ; :

Outboard Marina I
Overseas Ship....
Ov/ans- Corning- i
Owens-Illinois.... !

PHH Group S

PPG Inds i

Pabat Brewing...'
Pac. Gas A Elect. I
Pee. Lighting-... *
Pac. Lumber I

Pac. Tel. A Tel....;

Palm Beach ■ 1

Pan. Am. Air

Pan. Hand Pipe... i
Parker Drilling... I
Parker Hanfn- .. i
Peabody Inti.—

Penn Central S

Penney (JO s

Pannzoff.. ......... -

Peeples Energy

PepsiCo

Perkin Elmer

Petrie Stores

Petrol an*

Pfizer - l

Phelps Dodge ... I

Phi la Eject

Phtbro

I Philip Morris

Phillips Pet

Pillsbury

1 Pioneer Corp

I Pitney- Bowel ....

Pittston

Planning Res'oh

Plessey

Polaroid

Potlatch .:

Prentice Hall

Procter Gamble..

Pub.Serv. EAG.-
Pub. s. Indians...

Purex

Purolator

Quaker Oats

Quanex -

Questor

RCA-

Raison Purina.. ..

Ramada Inns

Rank Org. ADR...

Raytheon..

Reading Bates....
Redman Inds—

Reeves Bros

Reichhotd Chem.

1

Republic Steel, ,.l

Rep of Texas

Reach Cottrell....;

Resort Inti A

Rsvco (DS) ,

Revere Capper

Revlon

Rexnord

Reynolds iRJ) I

Reynolds Mt1s..„|

Rite Aid _.l

Roadway Exps—i

Robbins (AH) >

Rochester Gas....
Rockwell Inti— I
Rohm A Haas ..... 1
Rollins !

46** : 467 S
271* 27 i,

16*a 16*a

371s 36U

37 36 ?B

135, i 131*
29 , 29

48 . 48 lj

25 ig - 24U
S8>4 28lfi

8*e ; 8Sf
39 385,

22*, ' Z2*a
23*a 23-*

141, 14la
67>a I 6712
25 , 25)2

14*8 1 14>2
12*, 21*a

51 7, 50*,

31!, ! 305,
451* 45*i

23 • 2ZS*

B7T, 27/,
185, . IB*,
7 1 7

84 ; 641,

18Tg I 19*0
241, 1 23*4
27Sa . 27
87 , 65 ig

Rolm

Roper Corp- ,

Rowan |

Royal Crown ....

Royal Dutch 1

Rubbermaid !

Ryan Homes I

Ryder System

SFN Companion..!
SPS Teehnot'glew

Sabine Corp.

Safeco !

Safeway Stores -1

St Paul Cos j

[ St. Regis Paper...

Santa Fa Inds.. 1

Saul Invest |

Saxon Indus- ■

Severing Plough.)

SchJ/tz Grew — .
Schlum boger-...

SCM

Scott Paper—.

Seaoon -

Seagram

Sealed Power ,...<

Scarie (GD)

Sears Roebuck...

Security Pac

Sedeo ,

Shell Oil —

Shed Trans

Sherwin-Wme-.,.'

Signal .'.

Signode

Simplicity Patt...:

Singer

Skyline .........

Smith inti - -1

Smith Klin* Beck-

Sonata Inti

Sony

Southeast Banks
ath. Cat Edison.,-

Southern Co 1

Sthn. Nat Res,...'
Sthn. N. Eng. Tot

sthn Pacific

Sthn. Railway—.-

Southland

SW Bancshares-

Sperry Corp...

Spring Wills .

Square D

Squibb

3 td. Brands Paint

ltd Oil CIHornla.'
Std oil Indiana-.

Std Oil Ohio

Stanley Wke

Stauffer Chem ...
sterling Drug—

Stevens (JPI

Stokely Van K

Storage Tech. ...;

Sun Co

Sundstrand

Superior Oil

Super Val Strs...

Syntax.

TRW

Tart

Tampax—

8 > 75s

14*s ' 14*e
187, I 15*4
291; ' 88 >s
697, 69

10 i« 101 *

14 14

15*8 15*4
32 ip . 3 He
13 *b ■ 13U
S3U 231,
45*a . 46
33 . 33

90 >« . 90 U
32*4 33

251, . 251,
29*a • 28 ?b
26*s 261 b

25 1 2 ' 23 (4
341, ; 33*,
235, : 23*4

30*8 ' 291,
41*. , 3fi&,
341; | 33 (g
16 ! 15*,

21 *b 1 20 /e
271, : 27 1,
26*4 .' 26 (g
31 ' 31

25*4 257,

347 8 33 *e

37*, 1 36*e
32ig 30*8
177 8 ■ 17»a

37 . 571,

BOig ■ 50
33 : 311,

37*4 ; 38

Tandy 307s

Teledyne 123 u

Tektronix 547$

Tenneco — 27

TesoraPet 22 1 ,

Texaco- • 295,

Texaa Comm. Bk 34 W
Texas Eastern. .. 48i,
Texas Gas Trn.... 265s
Texas Instr'm'ts., 90
Texes Oil A Gas.. 305,

Texas Utilltiss 227,

Textron 23s*

Thermo Electro- 16<4
Thomas Betts..—.- 81 J*

Tidewater 24i*

Tiger InU 7

Time Inc 33

Timet Mirror 444,

Timken

Tipperary

Tonka

Total Pet

Trane

Transameriea . ..

Transway-

Tran* World

Travelers-

Trieentrof -

Tri Continental.
Triton Energy-.

Tyler

UA1

UMC India.

Unilever N.V. -
Union Camp. .....
Union Carbide...

54*i ' 65
10*, - 105*
261; ; 26
10 ’ 95a

30 297,

21*e 20aa
23* 291;

207 g 20*,

BQi, 507,
7*4 . 7*8

lBlg I 181,
131, 13*a

15i, 15*e

21*8 215b

7t, 77 B

SB'-t 58
49 48

47 I 46 is

32*4 327,

101, 10*«
11 * 11
177g j 181,
35 345g

38*4 38*,

15ia 15
30*4 30 Ig

201, 20i«

17i, 17 14

356* S3*,

39*1 391*

20 28 Tg

481a 48 *b

261s 26is

151* 15

8 8

„ 1& « , lat
3Us | 301 b

Union Oil Cal 1 33

Union Pacific— 37 'b

Uniroyal S’< .

Untd Grands. 10U

Utd. Energy Res- 307 b 1

US Fidelity G 451;

US Gypsum 31*s

US Home- 12*,

US |nds 9*4

US ghoe- 32

US Steel ' 227,

US surgical- 21

-US Tobacco 47*4

US Trust — 37

Utd. Tecirnolgc.. 397 8 .
Utd. Telecomms.. 19*«

Upjohn 4 €Tb

VF. 38*, ;

Vartan Assoes...., 34 1,
Vemitron — Ill* ;

Virginia EP....:..J
Vulcan Matrls-...;
Walker IH1 Res....
Wal Mnrt Stores.

Warnsco

Warner Comma...
Warner-Lambt ...
Washington Post
Whsta Mangt—...

Weis Mkts

walla Fargo 1

W. Point Pappi....|
Western Airlines
Westn. Nth. Amr. 1
Westing house—..

Westvace I

Weyerhaeuser..-)

Wheeiataratr F...I
Wheeling Pitts....

Whirlpool

White Consoltd- 1

Whittaker ;

Wlckes

Williams Oo

Winn-Dixie Str....

Winnebago

Wise Elec Power

Woo I worth 1

Wrigley

Wyly

Xerox ...._ I

Yellow Frt Sys ...(

Zapata - — j

Zenith Radio. —

Apr. j Apr. Apr. I Apr.
23 I 22 21 | 20

1982

High | Low

AUSTRALIA 1

AUOrd.il/IlBB) ' I 498.9 I 4M.I 1 4BS.S 477.4 686.6 (4/T) 456.6 710/1)

Metal A Minis. (IrlrtW) [ B68.T t 16SJ j 551.7 144.0 49B.7 (6/1) BS24 (Sf4|

AUSTRIA | j

Credit Aktlen (SH/ffQ 6 S. 49 I 62.54 1 B2J0 62.52] 68.99 (4/1) EL 10 (19/4)

Ind. dlv. yield !

April 19 April 12 j April 2 Year ago (Approx

88.3S

!| 39JM

120. Ml

l- iza.ei

MW.«

1

'107.00

116 JO] 117.2

STANDARD AND POORS

I ‘ ! ] 1982 SinceCmprit’n

! April April . April April April I April ! 1 — — 1

: 22 . 21 . 20 ; 19 16 15 I High 1 Low Nigh > Low

IndUlfiO....! 150.12 128.54 128.04] 128.65! 129.77 IZ9.Z4i 1J7.ZB J 716.41 ‘ 160.88 | 5.6Z

I ; 1 : i4/Ii • (9/!i jSB/ll/aOi (30.8/3ZI

Compoaite 1 117.20 116.72! 116.44 116.70' 116.81' 1I6.S6 1 122.74 , 107.54 140.69 , 4.407

■ ■ .4/1i ; ii.51 iZB/ll/Eo! rl/SiM)

Ind. div. yield

Ind. P/E Ratio

i April 22 | April 15
! EL 72 [ 6.72

Long Gov. Bond yield

NY. S.E. ALL COMMON

April 8 Year ago (approx,
6.73 I 4.56 ~ '

Rises and Falls

Apr. 22 Apr. 21 'Apr. 20

GERMANY ' I

FAZ-Aktien (61/10/60) 1 ZSfl.Ifl' 2S7MI Oifl.75 2W.S0 269.46 (5/41 | 21S.65 nt/1)

Comrnerzba/ik(Dec1953)| 7a.7Bl 724.6 ■ 721.10' 721.9 729.8 (5/4) | 560.7 (18/1)

j HOLLAND j ! j J |

ANP-CSS General <1070/ 83.4; 92.8 I 22 JO, 1 81.3 8A4 (£3/4) I 64J (8/T)

ANP-GB5 Induat (1970) [ 76.6 . 72J i 72.90' 7J.B 76.9 (6/4) | 88.2 (4/1)

HONG KONG \ ! j | J

Hang Seng Bank (61/7/84 .12i6.B4 i T020.t3| (ct.ll9l.l7j 1446.SZ (IZ/n fI£8J6(»/6|

ITALY 1 T !

Banca Comm ltaUI972l 196.691 195.8BJ 190 JW 192.76, 912.99 (19/6) 181.46(16/1)

JAPAN** I' 'I

DOW Average (16/6<4S) l75SSJ4 7296.B7l72WJ8726a.16, 7826.66 (27/1) MB9J5 (17/6)
Tokyo New SE (4/1/M) | 6M.94' 634 Jfil 662 J1| SS2.17| 683JS (27/1) 620.7B (17/5)

NORWAY
Oslo SE 11/1/72)

116.87 114.11 112.91 1l2J7i 1MJ9 (26/1) 1M.12 fl/fl

AprJ Apr. Apr.' Apr'-- l^uas Traded 1,|7| l,|93

sa ■ 21 20 19 I High j Low jj*-- g? | J

67.49 66.71 W.56 67.21 7I.Z0 ,62.62 ^Changed 471 J 441 j 409

1 14/1, ;ii2/5. New Highs 67 41 av

* Now Lows 17 ‘ “» »“

SINGAPORE i

Straits Times (1988) 7U.72j 765 JO

TEl.flJ 71S.45 818.79

m ■ MMB (9/5)

SOUTH AFRICA
Gold (IBM)
Industrial (IKS)

- i 437.7 458.1 { 454.8 U9.5 (5/1) 411 J (9/5)

- ! 689.3 . 688.7 ] 688,6 711.7 WH HiJ (28/5)

MONTREAL

i April April ; April ' April ^
22 i 21 . 20 19

Industrials | 287.43 287.08 : 208.84 288.94' 350 . 79 (4.1)
Combined ! 271.91 272.44 273.44 274.00 518.01 (4.11

TORONTO Composite’ !6B8.0l[l585.Sl' 1596. SltlMM.EO 1 1358.3 (4.1)
NEW YORK ACTIVE STOCKS

{ 270,48 (16.6)

| 269.08 (IS .5)

j 1657.8 (16.3)

Changb

Change

Sloi-Vs Closing

on

sioc i-3 Closing

on

traded

pnce

dav . .

SI3COC ,

pnce

day

. 1. 332.4011

20

+ %

IBM

. • 646.800.

+ l i

.. 909.400

26'-.

+ -V

Union Oil

, 621.300

53 1 *

+ T t

809.600

4) 7 I

+2%

Aarna LtFa ....

. 613.CW1

43’,

+ V

.. 715.300

1S%

Fannie Man

617.3.m

5>chJumb. ....

.. 71) 400

44'*

+2h

Texaco

. 612.600

2S 7 !

Wall St extends rally: up 3

THURSDAY'S RALLY was
extended on Wall Street yester-
day. buoyed by the report that
Consumer Prices declined 0.3
per cent in March, the first
monthly decline since August
1965.

By mid-day the Dow Jones
Industrial Average was up a
further 3.04 to 856.16, making
a rise of. 12.74 on the week,
while the NYSE AD Common
Index, at 367,91, rose 42 oenLs
on the day and 65 cents on the
week. Advances led declines by
an eighl-to-lhree majority in a
volume of 44.45m (39.07m)

shares.

Analysts attributed the large
volume to increased activity by
Institutional investors, which
are sitting on large cash
positions.

The Stock Market is also still
reacting to OPEC's announce-
ment Wednesday that oil produo
tion has fallen below the Official
Ceiling. The news caused a run-
up in Energy stodcs Thursday.

Bu*t prices did ease from early
levels, and analysts'said concerns
may be reasserting The ms dyes
about the lack of Budget com-
promise between the White
House and Congress.

The biggest gainers, and some
of the most active issues, con-
tinued to be the Oil and Oil
Services stocks. On the active
list, Exxon rose $i to $2S{,
Superior Oil $} to S32J and
Atlantic Richfield $8 to $40i.

Also higher were Standard Oil
California, up SI to $311. Phillips
$2 to S32J and Scbluznherger SI
to $452.

Cray Research slid $4 to $25j.
despite reporting higher earn-
ings. Dalapoinf Fell $1} to S191.

Motors benefited from an
increase in mid-April car sales,
with General Motors up $i to
$439 and Ford $} to S22},

News of higher earning
boosted Foxboro by $3 to $33’.
Rowan Cos Si to S12 and
Rrownln e-Fcrris $E to $323.
THE AMERICAN SE Market

Closing prices for North
America were not available
for this edition.

Value index put ..on 1.35' to
274.74. for a net rise of Q£0
on the week. Trading volume
expanded 446,000 shares to
2.797m.

Bolt Beranek fell 31 i to *171,
despite reporting higher earn-
ings.

Canada

Markets were narrowly irregu-
lar around .mid-day yesterday,'
when the Toronto Composite
Index was off 0.4 at 1587.5.

The Gold Share Index rose
35.S to 2J69-5."whiic Metals and
Minerals firmed 2.9 to t417.<Kand
Oil and Gas 1.5 -to 2T88& But.
Utilities Inst 4.84 to 199.57.
Papers 1.(9 lo 147.24 and Banks
0,25 to 299.36.

Turbo Resources gained .9
cents to $1.44, although it
decided to omit its semi-annual
dividend.

Imperial OU shed $t to S22g
on lower first quarter earnings.

Tokyo

Share prices, led by Blue
Chips, rose over a wide front
with sentiment encouraged by
the overnight upturn on Wan
Street and a revival of Foreign
buying.

The Market Average . gained
33.07 to 7.333.94 after active trad-
ing of 450m 1 340m) shares.

Precisions. Motors, Steels,
Light Electricals and Drugs were
in good demand, fol'owed by
Textiles. Chemicals and
Machineries. Issues related to
Public Spending Programmes
eased on profit-taking.

The recent downtrend in U.S.
interest rates also aided senti-
ment but intial gains were pared
slightly towards the close in
reaction to the continued rise of
the market over the week.

Sanrlo, newly listed on the
Second Market yesterday, did not
trade with the bid Y2.230.

Hong Kong

Stocks closed off their best
levels due to heavy profit-taking
near the close, but still showed,
significant gains. The Hang Seng
Index rose 15.71 to 1,235.84, up
52.36 on the week.

CANADA

: April : April
,82 ■ 31

AMCA Inti

Abltibl ,

Agnieo Eagle.—.;
Alaan Alumin-.. .,
Algoma Stool-...

Atbntu

•k. Montreal

Bk. Nova Scotia.
Basic RMourcoa

Ball Canada,...-.

Bow Val lay.

BP Canada

Bra* can A — ......

Brince

B.G.Foroit

CIL Inc.

CadillacFalrvltw
Gamf/o Minas-.,.
Gan Camont.

Can NW Lands. 23>r

Gan Packans. 2DA«

Can Trusco -

Can Imp Bank. . S4>s

Can Pacific- 27*s

Can P. Ent. 341*

Oan Tlra 35 1 *

Ghiaftain ' IBa®

Comlnco- 41 1«

Cons Bathat A. .. 14 >r
C onLBk. Canada' 67*
Coaaka Rasrc'as ■ 6*5

coitain tv*

Daon Devoi ; 2.40

: Don Ison Minas... £3*e
j Domo Minas — .-.1 13>*

Dorns Patrol sum. 10
Dom Foundries A! 3Q*<

1 Dam stores ; 16 l u

Domtsr. — t9

FskoonNioV-ri 63%

! Gsnstar- 16?8

Gt.- West Ufa—,... .3 10

Gulf Canada 14

1 8 a If stream Res... ; 2.80
I Hawk Sid. Can-.. I 8%

17% ; is
18>* ' 18%
1 6%
32% 1 32**
34 ' 34

12*8 12%
22 ■ 21 %
32 22

3.60 3.60

Holllngar Argus-/
Hudson Bay Mngl

Hudson's Elay-

Husky Oil

Imaseo J

Imp Oil A l

Inco - }

Indal

intar. Pipe „...|

1

Mu Bloadol

Murks a Span oar;

Massey Ferg j

Mol n tyro Minos-;
Norland Exp lor J

Mltol Corp. ,

Moore Corp _.]

Net. Sea Prods A
Noranda Minas J

Nthn. Telecom.../
Oakwood Pet..... |
Paoiflc Copper...;
Pan can Petrol-

Pa tino.

Placer Dev i

Power Corp. I

Guebao Strgn — |

Ranger Oil '

Read Btenhs A..J

Rio AJgom.

Royal Bank

Royal Trust ao A - 1

SaoptreRos

Seagram

Shell can oil

Steel of Can A—. I

reck B— I 7

I Texaoo Canada..! 85%
Thomson NewsA: 20%
Toronto Dom bk. 29%

, TransCan Pipe —1 21%
Trans Mntn.Qif A 7%
Utd. Sisco MmesJ 4.30
Walker (Hi Re*. ..I 16%
Westcoat Trans-] 13 u
Weston (Coo) | 36%

27 | 27

17*4 ' 17%
83% j 22%
8 I 7%
39% ! 39 U
22% ; 22*,
131* ! 13%
13 I 13
'16% | 16%

19% 20%

10% fl* (
Z.7S 3.61
32% 32

6.12 6.12

20% 19*4

38% I 38
8 8
16% 1 16

64 | 33%

11 %. 10 %
1.90 > 1.72

BELGIUM (continued)

April 23 Prfee +w
; Fra. -

Pstroflna 4.7B0 +75

Koyalq Beige 3,500, —80

Soo. Gen. Banq... 3,705 ..... .

Soc. Gen. Beige... 1,416, +52

Safina— 3.890 +70

Solvay- 2,060 + 15

Traeton Elect— 3,850 + 50

UCB- : 2.050 + 50

Vieille Mont 2.020. +20

DENMARK

April 23 . Piles J + or

' S' —

Andolsbanken— 113J| — 1LB
Balt) os Skand — 373 +0.6

CopHandelsbonk, 128J2

D.Sukkerfab 343 + 2.6

Dansko Bank. 125.4

East Asiatic 101.2 -1.2

Forande Berygg. 606 + 1

Forenede Damp. 411 —1.4

SNTHldg 274

Hard Kabei . 137 ! +0.6

Novo Ind ),645 ] + IS

Paplrfabrikfcsr... 91 : +1

Privatbanksn-... 134.4:

Provinaban ken 113.4

Smidth fFIl 329 -rO.8

S. Bcrondasn 504 : +4.8

Seperfot 1 98JI —0.8

FRANCE

April 83 1 Price + or

! Frt. —

Emprunt W% 197 S; 1.929 +12
Emprunt 7 i IS 7 fi 6.340 -+ 70

CNE >X ! 2 , 950 . 0 ) - 2.5

Air Liquids 475.5 + 3.5

Aquitaine l 144 ! + 8.1

AuPrintemps.— 167 .S + 1.9

BIC j 455 | +10

Bouygues 744 + 63

B 5 N Gervais ! l, 440 l

CarroTour -.-.-.j 1.660 + 13
ClubMedlter , 689 +4

CSF(Thomaonl ...| 176 +1

Cle Bancalre I 203 ^ + 7.8

Cie Qen Eaux—— I 323 +5

Cofimog I 120 + 2 ^

Crsusot Loire ,— j 76 ....

CFP 131 +7

DNEI I 46.1 + 0.3

Dumez— -! 1 , 061 ' +28

Ben. -Occidental. I 560 I —4

I metal i 70.1 I + 4.1

Larfargo 273.5 + 0.7

Trading revived -on Iwtita- 1
tions.1 buying, which began
on ’Tftnrsdsy- after fortoigat's
consolidation, prompting local -
investor's ^to fotiow-suit. ■

. Australia • ,

A "boost in overseas Investor
fnletest prompted the ^crongest
performance of 1962 with Mines
and OiL4 faring best.

The AH Ordinaries' Index, up
9 points at 498-9, posted its
fourth consecutive rise to reach
its highest point since February
23, when it stood at-50L

Brokers said there had been a
sharp increase in London-
investor buying of Metals, and
. volume . increased,

Germany

... Firmer in. quiet, trading as
markets continued tn have a
generally positive , underlying
tone.

Degnssa put on DM 1.9 to 2!S.
although first-half turnover fell
24 per cent

Ranks rose with the , firmer
Bond Market

Domestic Bond issues. Mark-
Denominated - Eurobonds and
Eurodollar Bonds were up
slightly on lively trading.

Yields of Domestic Bonds
declined to 8.75 per cent for 10-
year. 8.85 per cent for five-year
issues and 9.10 per cent for one-
year Bonds.

Switzerland

Irregularly higher on renewed
optimism about a further interest -
rate decline.

The recent cut in -Customer
Time Deposits by the four major
Swiss Banks contributed tn the
underlying firmness, with volume
dearly above Thursday's levels.

On the Bond Market, recently
issued Domestic Bonds added a
further \ percentage point,
while demand . eased for Swiss
.Franc Foreign Bonds.

Chemicals were featured in*
the 'generally higher Industrial
sector. All shares, of Clba-Geiby
were in good demand.

Sulzer rose on Thursday's
Press Conference.

Among Foreign shares. Dollar

AUSTRALIA

' . ! , • Price

; frioe + or 23 Aint.*

diocta were mostly above over-
night Sew -York closing prices
In. Oils, Norsk Hydro costlioued
■firm. •••

Amsterdam

• Form ever a broad front m
reasonably active "trading.

• Seotimeni was helped by hope*
for continuing lower mtena?
rates.

Bodalis, the IrouWed consTrJC-
tion company, was hcgififitos to
recover last weeks lossc*.

- AJKZO were fir/a on aew» fh-ii

it aspects more. »ir un-

changed earnings this year.

Singapore

Share prim? rinsed narro^O'
mixed on snniP profit-takicu .if let
a slightly higher oncnini; »r.
selective moderate irailirc.

Hotels. PropcrUcs and f he
Second Trading Section wrrv
also mixed, where traded, m ’me
with tto- aeneret trend, whrie
Commodities were steady.

The market is very much lwik-
ing like “rollinfr over" -

Johannesburg

(told share*! advanced in
moderate trading as ihe bullion
price rose to over 5.T50.

Two Industrial stocks side the
limelight.

Hanhlll- Industries, hddinz
company of the small ospiosives
manufacturer National Proems
Industries, jumped from W5
cents to 230 cent? The Govern-
ment announced earlier lhaLan
Exclusive Supply Agreement
explosives between AECJ. «1T -9
cents at 705 cents, the country's
largest chemicals producer, and
the Chamber of Mines js 10 . he
terminated afier an Official Anli-
Trust Watchdog had criticised
the contract as a restrictive h#s;-
ness practice contrary to the
public interest.

The other feature was Televi-
' sion and Electrical Holdings.
Ted e! ex. a Domestic Appliance
and Electronic Equipment Manu-
facturer. Its shares shoi-up from
550 cents to -625 on rumours that
a takeover hid is imminent The
identity of the suitor is unknown.

HOLLAND

April 23

> Price ' + or
! ns. . —

ACF Holding..-... 1

Ahold

AKZO

ABN —i

AMEV.

AMRO -

Bredero Cert-.—,
Boekalis Westm..
Buhrmann Tot —
Caland HMge...— .

Elsevier NDU

Ennia.

Euro Co mm Tat. -
Gist. Brocades-.. i

Hemeken

Hoogovens

Hunter Douglas-

Int' Muller - -

KLM

Naarde’s ,

Nat Ned cert

Ned Crod Bank....
Ned Mid Sonic—

Ned Lloyd

Oco Grinten
Ommeren (Van)-

Pakhoed

Phillips, —

Rlin-Bchelde

Roto© co

Rodamco

Rollnco -

Rorento

Royal Dutch.

Slnvcn burg's — ..
Tokyo Pac Hg— ..

Unilever

Viking Res '

Vmf Stork •

VNU-

Volkot Stevin ....
West Utr Bank. ..

April 23 i Price + or
I Ure —

Aas I cur Gen-..— H2.9Q0 -40C
Banoa Com'le — S8.K» ...... ..

Bastogl Fin— ...... 174.5 + 1.5

Centrals 4,810 —115

Credlto Varetino, 8,236 —64

Fiat- : 1,768 +8

Final der- 59.75 +0.5

Invest ? 2,790

Italcementi— 36,200 — 300

Ital alder — ' 120 #

Montedison-. — J 136.6 —0.6

Olivetti 2,606

Pore III Oo 3,524 +10

Pirelli Spa —r 1,434 + 39

SnlaVIscosa. I 709 —1

ToroAssIc 16,500 + 50

20*4

11 %

19%

11 %

La grand — ’

Machines Bull.....

1,616:

29.9i

1J236I

2.50

2.40

Mlohelln B 1

Moet-Hennesay J

7M |

NORWAY

April 25

■ V

Prioa | + or 1

|Kronerj —

Moulinex .1 59 I

Pernod Rleard — 358

Perrier - 172

Peugeot-S. A. — 188.8

Poclain.- 136

Radiotech 329

Redoute 977

Rouwel-Uctaf —1*91.2*1
Skis Rosaignol.... 642
Telemeeh Elect. 776 I
Valeo ! 348.9!

GERMANY

BergeasBaks ... 112 +1

Borregaard 120 +2.5 ,

Creditbank. 140 +1

Elkom 51 +1.5

Kosmos 386 • |

Norsk Hydro 352.5] +1B.5

Storebrand. — 816 |

SWED&l

April 23 | Prlee + or

; Dm. —

AUSTRIA

April 23 I Pdce + or

Creditanstalt 211 i

Landerbank.— .. ISO j

Perimooeer _..... 2QB ]

Semperlt 78 I +2

Steyr Daimler—.. 160

Veltscher Mag: 197 |

Madrid SE (36/IZ/Bll ! IH.Bj 100.96' 100,«i 100.8b! W.l» (9/t) 98. n (5/11

JacobM/i *P. (1/I/M) ! 695.86! 37S.JS. 676.9fr D74J3) 858.5Z (2Z/I) 6M.M (IB/0

Iw^atenkclm. (31/18/68)! 280.! \ S60.B j 358.0 j WSM 2M.1 (llil) 2<2,3 (11/3)

WORLD i !

Capital InU. (1/1/73) | - 1M,B \ 153.0 | 153.B 147J (4/1) 189.1(17/1)

(■•) Sat April 3 Japan Dow 7,333.32. TSE S39J9.

Base value* el all Indices an 100 except Australia An Ordinary and Metals—
HOOt NYSE AJI Como n— 60; Sundard and Poof*— Ufc and Toronto— I.OOOB the
bat named based on 1S7S. t Excluding bonds. 1 400 Mduatrtsla. §400
Industrial* plw 40 UtiDbex. 40 FlnxaCiale sad 20 Transports, c Closed,
a Unevaileble,

BSLGIUM/UfXEMfiOURG

[ f

April aaf 1 price I + o

ARBED j

Banq Int A Lux,,..

Bekaort B :

GimentCBR. ■

Cooker ill ....I

EBES '

Electrobel
Fabrlque Nat..—.!

C.B.Inno.— j

GBLiBrexU- 1

-Gevxart-

Nebftken —

I stereo I

Kredletbank. ,._.j
P*n Nidge—

AEG-Telef- 1

Allianz Vera-

BASF _.|

BAYER.

Bayer-Hypo !

Bayer-Verein i

BHFBank

BMW !

Brown Boverl ....j
Com merzbank _ j

Conti Gumml .j

Daimler Benz j

Oegussa -

Demag I

D'aohe Babcock. I
Deutsche Bank._|

DU Sehult

Dreadner Bank...

GHH

Hapag Uoyd |

Hoeehtt. j

Hoeeoh.

Hdzmann (P)

Horton

Kali und Saiz......

Karstadt,.,..„

Kaufhef

KHO

KEoeokner

*rupp„ —

Unde 1

Lufthansa.... I

MAN ...[

Mannesmann_...{
Mercedes Hlg I

Metallgesee li......|'

Muon oh RuolL— j

Priuues

Rhein West Elect

Rosenthal

Sobering '

Slomon...

Thyaaen-....„„..., :

Vart* r

Vet.* I

Verein-West
Volkswagen

42.5i -0.3
478 1 +5

137.01 -0.4
127.0] —0.5
316 i +2
296 I +4

228.8; +0.8
312.0' +0.5

224.01 +4.2
153.0. +6.5

64.0;- +0.6
287.0! +i.g

225.01 +1.9
136. l| —0.6

AGA

A/fa- Laval -

ASEA f

Astra ...... j

Atlas Copco ■

Boliden

OoIIuIom !

Electrolux B

Ericsson „.i

Esse Re( Free) 1

Page rate !

Portia (Free) ...-.I

Mooch Dom f

BaabGkania ...-.■
SandV/fqFree)...,, 1

Skandia

Skan Enskllda

8KFB

BtKopparberg....
Sven Handalsbn _
Swedish Match...!
VolnriFree).. •

SWITZERLAND

ANZ Group

Ac row Aust—

Ampol Pat...

Assoc. Pulp Pap .-

Audimco

Aust. Cent. Ind...
Aust Gumrant-...
Aust Nat Inds...;

Aust Paper-

Bank NSW....: — ■■

Blue Metal

Bond HMgs

Boral-. _....

BTville Copper ..
Brambles inds..-

Bridge Oil—..

BHP'.:

Brunswick Oil,...

CRA.

CBIt. •. -■

Carlton ft utd,_.
CastlemnineTys.
C(Uff Oil (All St] ..
Do. Opts ..... . -
Cockbum C*mt.

Oolos tCJ-

Comaleo - ...•

Costain «...

crusac/or on

Dunlop.

Elder Smith GM
Endeavour Res-
can Pro Trust ...•
Hartogen Energy

Hooker

ICI AUlt....-

Jennings

JimblanaCSOaFP.

Jones (D)

Kla Ora Gold- ...
Leonard Oil— ..
umi

Moekatharfa Ms

Meridian Oil

Monarch Pet

MyerEmp — -

Nat Bank

Nows '

Weholas Kiwi-...
North Bkn Hill....

OaJkbndge.- ,

Otter Expel

Pan con

Pan Pacific.

Pioneer Co

Gueen Marg't G.
ReokittftColn.....

Santos -

Slorgh [HO

Southland M'n'g.
Sparges Expel.... '
Thoa. Hatwide «..

Tooth :

UMALCons

Valient Oonsdt... '

Waltons i

Western Mining- i

HONG KONG

April 23 | Price j + or

; H.K.S • -

Cheung Kong |

Cosmo Prop.. i

Cross Harbour...
Nang Seng Bank

HK Eleetric- !

HK Kowloon WhJ

HK Land i

HK Shanghi Bk...!
HK Telephone....!
Hutchison wpa..j

Jardlne Math 7,

New World Dev .. r
O' seas Trust Bk-

SHK Preps.

Swire Pac A j

Wheel'* Man# A.!
Wheel' k Marttl>
World Intilidgc.,

JAPAN (continued)

Pnce * or
April M Yen — .

Kubota.-- S30 - 1

Kumgaal 426

Kyoto Ceramic _ 3.190 <10

lion 380 +5

MaedaCons- 585 ->I

Maklta ^30 -

Marubeni ........ 2V 5

Marudai.. — 600 -13

Mann — 820 iia

Matsushita 957 - «

M ta dec Works. SIS ......

M'tdshi Bank.-... SOO
Wbishi Corp.. . ■ 83n -7

M'bishi Elect 346 -l
M'btshiRI Cast. . 469 - S

MM I 215 -5

Mitsui Co 334 . *C

Mitsui KEst 6 M 3

Mitsu-koshi ... 370

NGK Insulators 505 -7

Nippon Dense— 952 % !£

NippGnGakkl.--/ ' 673 . -B
Nippon Meet .... 387 - .. .

HrppanOrl.... . 897 fl

Ni;Gon Sh.ncsn.. 8 .’.S *5

Nippon Steel., .. 165 -3

NipponGu>san »?-2 - 1

MTV,. . . .... 4,500 - ;,7

Nissan Motor .... 770 + iO

NisshinFlour 330 - *

Nr»hin Steel... .. 170 -7

Nor mure , 4.M) - 5

NYK . 266 . t

Olympus 854 -S

Orient . ....... 1,300 - «•?

Pioneer - J.59Q -10

Renown 687 ; ;-.t

Ricoh : ... 5Q4

Sanyo Elect....— 419. -6

Sapporo 252 —3

Sakisul Prefab . 691 - 6

Sharp 639 • +4

Shisiedo....,.- _ 770 - 2

Sony 3,400 — ID

Stanley 346 .. .

S'tomo Marine . , 226 -4

Taihel Dengyo . ' 530 . ...

Taisei Corp ■ 269

Talsho Pharm.... 571 • ..

Takeda - 808 - n

TDK 3,360 -10

Teijin _ 227 -5

Teikoku Oil_ 928 .2

TBS 45b

Tokio Marine.. .. 468 — l

Tokyo Elect Pwr. 879 *-C

Tokyo Gas.- Ill .. . .

Tokyo Sanyo ■ 430 .

Tokyu Corp 20B —2

Toshiba 305 - 2

TOTO 410 : -3

Toyo Seikah 44L -6

Toyota Motor — 890 - 15

Victor > 1,930 -r 80

Wacoal 713 . - 3

Yamaha > 744 +-16

Yamazakl 567 4.3

Yasuda Fire 337 * 1

YckogawaBdje^M^^^^O

SINGAPORE

April 23 I Price ' + or

Boustead Bhd 2.21

Cold Storage ■ 3.80

DBS — 7.80

Fraser A Neavo .. 6.60

Haw Par : 3.02

Inchcape Bhd 2.08

Malay Banking... 6.35

Malay Brew 5.35

OCBC ' 12.4

Sime Darby - 2.32

Straits Trg .; g.76

UOB 4.13

JAPAN

April 83 ! Price + or

• Yen ■ —

April 83

Alututoe. I 483

Brown Boverl- J 1,070

Ciba-Beigy 1 , 310 ;

do IParirCerttL. 1,000'

Credit Suisse { 1 , 755 ]

Elektrowe±t.._...l 2,310,
Fischer 1 Geo) 45o>
Hoff -RochePtCts 61,250,
Hoff -Roche 1/lOi 6,126!

Interfood 1 5 825!

Joimofi 1 , 300 '

Landis A Gyr,, 1 840l

Nestle ...j 3,346.

Oer-Buhrtie 1,040:

Pirelli I 237 1

Sandoz IB) ! 4,200'

Sandoz (Pt Cts) 525'
Schindler IPtCts); 280

Swlssarl : 730.

Swiss Bank 29a

Swiss Retrace. .... 5,000
Swiss Volksbk... . 970

Union Bank 2,955

Winterthur 3,225.
Zurich Ins -...<14,830.

Ajinomoto

Amada

Asashf Glass.....

Bridgestone

Canon 1

Citizen

Dale I

DKBQ

Dai Nippon Ptg.,

DaJwa House.

Dalwa Seiko.

Ebara.-

EiWu

Fuji Bank—

Fuji Film

Fujisawa

Fujitsu Fanuc

Green Cress..

Haaegawa

Heiwa Rl East ...

Hitachi-

Hitachi ifoki

Honda

Kousefood .....J,.

Hoya

Itch 10 ...'.

Its- Ham

Ito-Yokado

JACOB

JAL

illllCQ

Kajima-

Kao Soap «...

Kashiyama .......

Klkkoman

Kirin

Kokuya

Komatsu

Komatsu F’lft—
KonJshrelku-..,,

B48 I
... 549 1
.« 551 '
...i 439 '
... 716
... 263 .

632 ,
... 484 ,
657
407 ,
380 >■
..1 +14 j
760 !
..I 500 >
.. 1,360 :
.. 1,330 !
.. 4.650 ;
1.910 j

554

... 672 ;
881 :
..' 440
750 1

. 1,0 10 I

... 669 :
,.i 284 <
.! 369 •
859
435
■2,3M
.. 566 '■
,.! 360
J 495
770

.. 396 .
: 439 .
,.i fioo :

«7 ;
590 .
576 1

. SOUTH AFRICA

April 8 3 ; Pries 1 + or

1 Rand 1 ', —

Abereom ; 2.9 „ .. .

« * Cl ! .7.05: -C.I5

Anglo Am ' 11.6 + 0.1

Anglo Am Gold...' 77,25 +2
Anglo Am Prop...' 2.60
Barlow Rand .. .. &77. —d.oj

Butfeit : 36 • + 1.5

CNA Invast I 6.3 1

Currie Finance...' 2.30,

De Beers B.to - 0 .«

Drlefontein 24.25 -O.mi

FS Gaduld 26.75 .1 1 zk

Gold Fields SA 62.8
Highveld Steel...: 4.4 . + 6.1

Huletts 8.3

Kioof 28.5 Vaa

Nedbank 6.1S :.

OK Bazaars. • 16.75

Protea Hidgs 2.65

Rembrant 9 .S 5

1 1? - 05 ."*0.05

Rust Plat ! 4.10

Sage Hidgs • 2.4

SA Brews- 4.45 Tfos

Tiger Oats • ib

Unisec^.... 3.60 "

Financial Band USSO.TOi

(Discount or 161%)

BRAZIL

April 23 Price 4-er
• Cruz _

£ew*ta 1.60

Banco Brasil 11.85

BMgolhn 3.90 Ld.w

^ms Amor. 6.70 .^1 17

Pjtrobras pp . ... g. 50 . ^

Souza crus 8.16 -on’

Unip PE . 037

[ Vale Rio Doec 12.50 "

NOTES — Pries# ni . tbla
mdhrUual exebangse- end at*
ausnandBd. ad Ex dividend,
xa Ex au.

I Turnover C/ 997 9 m.

Vaiume: 133 5 m.

Source; Rr© Janeiro 5 =

*^2 ***** on thg

Price*, s Dsaiuyi.

XC Ex XCrip

i,

Financial Times Saturday April 24 1982

CoafBBies and Hirkits

21

INTERNATIONAL COMPANIES and FINANCE

Harvester
seeks to
soften
debt terms

By Our Kw York Staff
INTERNATIONAL harvester,
the struggling truck and farm
machinery maker; is asking cre-
ditor banks to soften the terms
of agreement because losses are
running higher than expected.

- Specifically, the company
wants creditors to allow its set
worth to fall to $800m. Under
the debt restructuring agree-
ment negotiated at the end of
last year. Harvester was sup-
posed to stay above $lbn. The
agreement covered $4-2bn in
debts and set minimum liability
to net worth ratios.

: -Harvester recently predicted
-that its net worth would fall
'"below $lbn in early summer,
bat said it was optimistic that
■its creditors would grant
waivers on the debt agreement.

Inti. Energy
Bank suffers
profits fall

j* By Our Banking Correspondent

■ INTERNATIONAL ENERGY
.Bank, the London consortium
■bank specialising in energy
■finance, has reported' its first

* profit setback since it was
' established in 1973. : Pre-tax

- profits fell by 20 per cent to
"£3.1m (55.5m) in the year to
;epd-December 1981.

.The profits were lower largely
^due to a £1.4m provision for
certain sovereign risk loans.
Total assets grew by 21 per
.cent to £35 1.4m but much of

- this reflected movement in
■exchange rates. During last
year the bank’s paid-up capital

■ was increased by 50 per cent to

• £15m and shareholders funds
now stand at £23.9m.

The bank forecasts - that

“ non-recourse ” financing,
.where the bank is dependent
solely on a project's success,
-will become much more
important than In the past in
the context of energy financing.
The reason is that a significant
share of the new investment
will be in the hands of medium
-and smaller sized companies,
perhaps operating as consortia,
sometimes in collaboration with
national Governments-

. ConpiBits Mi Markets

Elf linking with Toray to
build carbon fibre plant

BY TERRY DOOSWORTH W PARIS

ELF AQUITAINE, the . French
State-controlled oil group, is
linking up with Toray Industries
of Japan to build a joint carbon
fibre manufacturing plant in
France.

■ The capital in the new project
will be split to give Eif 65 per
cent and Toray 35 per cent
Although no figures for the in-
vestment have yet been given.
Elf said yesterday that it would
involve fairly heavy expendi-
ture, some of which would be
financed by the French Govern-
ment

Toray, a leading Japanese
synthetic fibre company, will
evidently use the plant as a
means of moving Into the Euro-
pean market The first produc-

tion unit; which is planned to
make high quality carbon fibre,
will have a production capacity
of 300 tonnes a year for sale
throughout the EEC.

If toe market justifies expan-
sion, the two companies are
planning to increase output to
600 tonnes a year, while build-
ing a polyacrylonitrile plant to
provide toe raw material for the
carbon fibre panL

The project which comes
within a week of President
Mitterrand’s official visit to
Japan, is a further example of
growing investment by Japanese
companies in France. It illu-
strates the French Govern-
ment’s keenness to attract co-
operative ventures with Japan

in high technology areas, des-
pite protectionist threats in
other industries.

For Elf, the investment means
a further diversification away
from toe oil industry into toe
new technology sectors where
the authorities have been
urging it to expand.

One of the most profitable
companies in France, with a
strong cash flow. Elf has been
steadily moving into the manu-
facturing of composite, high-
performing materials designed
to replace metaL

The new carbon fibre plant
will be built near Pau in the
south-west of France, and is ex-
pected to create about 100 jobs.

Sharp downturn for Ashland Oil

BY OUR FINANCIAL STAFF

ASHLAND OIL, the leading
independent U.S. oil refiner and
marketer, has reported a sharp
drop Into loss in the second
quarter. The company suffered
a net loss of $11. 6m compared
with a profit of $7.2m during the
same period a year earlier. This
translated into a loss per share
of 79 cents, against a 3 cents
profit. Sales, at $2.3bn, ww
slightly down from last year’s
$2.4bn'

The company said its results
were banned by what it called
“ chaotic conditions ** in the

crude oil and petroleum pro-
ducts markets. Refined pro-
ducts prices had declined dur-
ing the period more rapidly
than crude prices — a diver-
gence that hit Ashland especi-
ally hard since it disposed in the
late 1970s of most of its oil and
gas producing properties and is
almost entirely dependent on
purchased crude.

Ashland expects results in the
third quarter to show some
improvement, thanks to a
recovery in prices for refined
petroleum products in toe U.S.

In recent weeks. Crude oil costs,
on the other band, are
expected to remain below the
levels seen in the past quarter.

In addition to its difficulties
in the oil business; Ashland also
suffered in its coal operations
from harsh weather conditions
and from high inventories in
the industry. The company is
a major coal producer, with
output of around 6m tonnes a
year. • Saarbergwerke, the West
German government-owned coal
group, bought a 25 per cent
share in Ashland Coal last year.

Zurich hanks plan gold broker venture

BY fOHN WICKS IN ZURICH
THE ZURICH gold pool is to
set up « joint venture brokerage
business to strengthen its
position on the international
physical-gold market

The new company, which is
likely to begin operations later
this year, will be owned and
managed on an equal basis by
the three pool banks. Swiss
Bank Corporation, Union Bank
of Switzerland and Credit
Suisse.

A representative for the pool

said yesterday that the move
was intended to recover
business lost after the intro-
duction of sales tax on physical
gold transactions in Switzerland
at the start of 1930. Bankers
had already reported a large
decline in physical-gold trans-
actions as a direct result of toe
tax.

At the same time, the pool
banks say they had ascertained
that existing gold brokers
abroad were intending to set up

Swiss operations. A pool-owned
broker house would now be set
up before any large foreign
incursion into the Zurich gold
trade— the traditional reserve
of toe Swiss banks.

The Broker company will
operate from its own offices in
Zurich. No branch operations
are planned elsewhere in
Switzerland or abroad, in toe
near future. In the long term,
however, a branch outside
Zurich is said by toe pool “ not
to be out of the question.”

Aluminium
smelter
abandoned
by BHP

By Michael Thompaon-Noel Eh
Sydney

BROKEN WTTJ. Proprietary,
Australia’s biggest company,
has abandoned plans to bnSd
a A$600m (CJS463Im) alu-
minium smelter at Lodhinvar,
ib the Hnnter VaDey, New
South Wales. It said toe
slump in toe world adumi-
nlnm market was the main
factor.

The company said yester-
day it had failed to find a
new partner for the project,
following toe withdrawal last
year of Alnznax, of toe U.S.

The original consortium
consisted Of Alum ax (45 per
cent) BHP (35 per cent), and
a group of Japanese com-
panies, including Mitsui.
Fnmkaw* Denko. and Toyota,
with 29 per cent. BHP said it
had not been able to recog-
toe joint venture.

Ian Pe rkin adds from Mel-
bourne: BEEP’S decision means
that no fewer than three
major new smelter projects
have been cancelled or
deferred in the last 12
months — Lochinvar, Alcan’s
Karri Karri expansion In
NSW and the same company's
proposed new plant at Good-
wood, Queensland.

In total, the smelter pro-
jects now cancelled would
have been worth more than
A$L5hn (1982 dollars) and
would have produced more
than 570.000 tonnes of alu-
minium metal annually.

Yet another smelter pro-
posed for the Hnnter VaDey
area never even reached toe
feasibility stage and negotia-
tions (or a massive refinery-
smelter complex to Western
Australia in the late 1980s/
early 1990s have aU but died.

Hr John Ralph, chairman
of Cotnalco, said this week
rtiar his group’s 1982 profit
would be below last year’s
A 528.4m. and warned that in-
ternational companies were
reassessing Australia’s attrac-
tiveness for long-term invest-
ment.

He said trends to Australian
labour costs, government
char ges, and Inflation, were
causing concern

Mixed interim results from
Japan’s securities houses

BY YOKO SH1BATA M TOKYO

JAPAN’S TOP four securities
houses have produced mixed
results for the half-year ended
March, 1982, with three bouses
pushing firmly ahead and the
fourth— Nomura Securities, toe
largest of toe group making
limited profits headway.

Operating profits at Nomura
feH by 16.8 per cent for the
six months to Y33.1bn ($i36.3m)
while at toe net level, earnings
emerge just 1.5 per cent higher
at Y19.6bn. Net profit gains
among the other three houses
range from 22.4 per cent for
Nikko Securities to 11.7 per cent
for Daiwa Securities.

Yamaichi Securities, whose
operating profits rose by 21.8
per cent to Y17.43bn, increased
net profits by 19.4 per cent to

Y7.85bn. Nikko saw operating
profits dip by 1.5 per cent to
Y20R5bn while those at Daiwa
increased by 27.2 per cent to
Y22.7bn.

Despite a fiat stock market.
Daiwa and Yamaichi posted
record half-year operating
profits, thanks to toe strength
of the bond market In toe six
months, the average trading
volume on the Tokyo Stock
Exchanges was 22 per cent
down on the previous year,
reflecting the sluggish economy
and a deterioration of corporate
business performance.

Moreover, stock market
activity was led by speculative
shares in the latter part of the
six months which are traded

mostly by small and medium-
sized securities houses.

As a result, the market share
for toe big four hourses has
been under pressure, dedtming
to 15.4 per cent for Nomura,
from 19.3 per cent in the pre-
vious year.

At toe same time, commission
receipts on transactions for the
half year readied only 30.6 per
cent of what Nomura achieved
in the previous full year, 34.6
per cent for Nikko. 32.4 per cent
for Daiwa and 36.7 per cent for
Yamaichi. Valuation losses on
stocks also hampered earnings
among the houses.

Daiwa and Yamaichi achieved

sharp gains on transactions in
bonds.

Japanese store group hit
by squeeze on margins

BY OUR FINANCIAL STAFF

DAIMARU, THE number two
department store group in Japan
after Mitsukoshi. reports a
sharp drop in profits for 19S1
and forecasts a further setback
during toe current year.

The company has been hit by
a squeeze on operating margins
and heavier interest charges. As
a result, net earnings have
tumbled by more than a quarter.

Net earnings went down to
Y3.49bn (514.3m) from Y4B8bn
previously, despite improved
sales which edged up by 3.8 per
cent to Y437.43bn from
Y421.35bn. Per-share earnings
fell to Y15.6 from Y21.9.

Daimaru traced the net earn-
ings drop in part to lower profit
margins stemming from price
cuts which the company had
been forced to make to attract
consumers in the present
economic stagnation. Heavier
interest charges also hurt the
company.

The company is optimistic
about the current year. It
expects net earnings to go down
to about Y2.8bn on sales esti-
mated to rise to about Y457bn.
Personal spending will jremain
stagnant through most of this
year, according to Daimaru
forecasts.

VNU takes U.S. stakes

BY CHARLES BATCHELOR IN

VNU, the Dutch publashing
group, has taken a “ consider-
able minority holding” in w°
specialised U.S. publishers,
disclosure ' and Cambridge
Scientific Abstracts, both of
Bethesda. Maryland.

The two companies, which
have toe same management
have a combined turnover of
$15-20m mid employ 200

AMSTERDAM

people.

Disclosure collects infor-
mation about toe 11,000 com-
panies quoted on U.S. stock
exchanges and supplies it to
customers, . including the
Securities and Exchange Com-
mission. Cambridge publishes
scientific abstracts in the fields
of microbiology, biochemistry,
zoology and ecology.

Akzo sees
acceptable

earnings

By Our Ams te rdam

Correspondent

AKZO, THE Dutch Chemical
group, believes it can achieve
an "acceptable resuit" this
year provided the economic
recovery expected in the second
half materialises.

By this the company means a
similar profit to toe FI 62m
“hard profit." defined as net
income on a current value basis,
as in 1981.

While there are. as yet, no
signs of this forecast upturn.
Akzo expects that the continued
improvement of its man-made
fibre results and the strengthen- ;
ing of the company in several
other areas wifi work to its
advantage.

In 1981 Akzo made a net
profit, after extraordinary items,
of FI 239m (889.8m).

ttax.

I.G. Index Limited.
O-ll GrosvenorGdns.,,
London SW1W0BD.
Telephone: 0I-S2S

COMMODITIES AND AGRICULTURE

COMMODiflES/REVlEW OF THE WEEK

Metals firmer on
Falklands tension

. BY OUR COMMODITB STAFF

NERVOUSNESS ABOUT toe
Falklands Islands crisis, and
toe renewed tension in the
Middle East, brought a gener-
ally firmer tone in the London
metal markets yesterday.

The spot price for gold bid-
lion closed last night 58-25
.higher at 5352.5 a troy ounce,
-•but this was still 510 down on
-a week ago.

London gold futures trading
was launched on Monday when
-the market dot oft to a buoyant
start with a 7 turnover of 2.33$
lots of 100 troy ounces. After
the initial enthusiasm trading
interest was dampened by the
quiet state of the physical
"market Nevertheless turnover
- was maintained at over 1,000
lots daily, rallying to 1,204 lots
■yesterday.

The rise in gold, and concern
over political problems, helued
copper to recover from earlier

losses and toe higher-grade cash
price ended the week £6 up at
£873.5 a tonne. Encouraging
the upturn was reports of cut-
backs in Peruvian shipments,
as a result of the strike that has
halted production at the Toque-
pala mine and Ho smelter. But
the continued lack of consumer
demand, and pessimism about
short-term prospects, is funda-
mentally depressing all markets
limiting price fluctuations.

Cash nickel futures gained
£27.5 to £3,070 a tonne yesterday
following news that Inco
Europe is temporarily shutting
down production of nickel pel-
letts and powder at its Clydach
refinery is South Wales because
of a stocks build up.

Tin prices moved in a narrow
range awaiting toe outcome of
the International Tin Council
meeting in London, where pro-
ducers are seeking the introduc-
tion of export controls as an

WEEKLY PRICE CHANGES

Latest

prtoos Ch'ngs Year

par tonne on ago

unless . week
stated

IMS

High j Low

METALS

‘ 'Aluminium.

Free Markets eJ.f. — ..

Antimony. _ •

Frco Market

Copper-Cash High Grade.

3 months Do. Oo

• Cash Cathodes

3 months Do.

'Gold per — —

Lead Cash *

3 months

Nickel

■ Free Markets oJit. 16....

-Platinum per

Free Market peroz

• Quicksilver <76 Ibei

Silver per oz,

3 months per oz.

Tin cash.

3 months

-Tungsten Ind — ...

wolfram <82,04 lb.)-.

Zinc cash-

3 months

Producers

£810<81S - ' £BlOi015£81O,B15£81OfB15

*98511015 -15 *1550>380 *nS6UH *990<JOOQ

" *235012*00 —

..; £873.5 -6

.. £903.25 *7J

./ £868.5 . + 6
... £807.75 +6.75
... 1352.5 ,-10
£328.25 ,+«

... £34L88 (+9
,.i £3826 i -

245iB76ci —

£260 -
... £100.40 J— 7.95

S3 70/580:— 5
..: 406.80p -20.8
... 4M40P -21.5
J C712S -22.5

„■ £7352.5 -27
... *114.29 —6.03
... 1102/107 —

.1 £428 N-9.76

£428.76 +9.5
. *850/900; -

*2950/050 S24S0/SHIS9 18b<226

£845.75 £875 £821.6

; £866.75 £903.75 £849.75
! £837 £871 '£820

£853.5 £808.5 £848

; *495.5 'S405.5 11313
£553.5 (£366.6 £315 _

' £360-25 £377.25 £327.75
! £3,379.6 I £3 926 (£3737.75

■ 390l305c!265f295e|246/275e
> £213.50 <£260 £260

£223.60 (£201.60 l£168J0

5420/450 5415(420-8350/360
: S35.60p 467.B5p '365. 60 p
: 541.150 483.15p .397.400
; £5027.5 £8985 £6846

£6040 (£8132.5 £6046

*147.64 5134.48 :* 11 4.29
S14ejj47.fi S128il32!*102il07
, £3803 £463.75 £403.5
£590.75 £468.25 £409
*875 SB 50 ; *860(900

GRAINS

Barley Futures ..

Maize Prenoti>.»,...~— —

WHEAT Futures.......

Hard Winter Wheat.-...,

8F10EB

Gloves -.(g)

Pepper, wnite

black —

■ OILS -

Coconut (FhiHpphiMl ■

- Groundnut 5%

Linseed. Crude..—..-

Palm Malayan... -...--.

SEEDS

T * Copra (Philippi"**)--

_ Soyabeans (U.S.I -

OTHER COMMODITIES

Cocoa Shipments I. -

Cocoa Futures May..— ...

- Coffee Futures July -

. cotton Index -

Des. Coconut

Gas Oil Fut May

Jute U ABW C grad* — • —

Rubber kilo -

Sago Pearl

— sisal NO.SL

Sugar (Raw) —

Tapioca no. 1

Taa (quaiitri kilo.. ....... . . ..

(plain) kilo -

Wooltops. 64s Warp—

,.i £103.38 Zj-0.8
£135.80 i+2

£95.75

£127.6

XI 11.80 X 102.50
£135.50 £131.80

£I«A8St'-OJ) i t 1*183.78 UllLTO

. , _ 1 £108.75 XI 18.76 £116.00

£5,B00x

-60

S*i-s

U76

*5S5y

»6«)v ■ -

: 1 -

SBOfiu i + 2.5

KJSSbc

*278

, + B

+2.25 1

£4,800

SL027

*1^28

*585-

£406

*592.5

*390

*382.5

ba.Mo y»,4oo
*2,000 Ml, 850
*1,475 *1,375

*550 . |*475
'*715 £520

l£430 1*425

11548 :*4B0

BASE METALS

BASE-MET AL PR ICES gained ground on
Pm London Meiei Exchange nail acting
die FeHcfend Islands »nd Middle East
cases. Copper touched £905 prior to
dotmg n £903. wbHe Lead dosed a*
E342 end Zinc at £427. Aluminium was
6 naily £583.35 and Nickel £3.122.5. Tin
dropped 10 £7.255 iniaetly, in the
absence of sny support Trorn the
buffer stock manager, but subsequently
rodied strongly to Close m £7,350 se
support buying emerged.

[ ejn. <+- ofi pjn 7 “+ or

COPPER • Official | — ‘Unofficial' -T

£

£ !

additional means of supporting
the market. However toe U.K.
and West Germany were re-
ported to be unhappy about ex-
port restrictions and toe meet-
ing failed to reach any conclu-
sion before the closure of the
Exchange yesterday.

Prices on the eocoa and sugar
markets, which have been de-
pressed for some time because
of heavy supplies and slack con-
sumer demand, were pushed
further downwards this week by
renewed producer seMing.

Cocoa dealers noted trade
selling winch they attributed to
hedging against producer sales.
They thought French West
African producers might have
been encouraged to sell by the
weakness of the franc.

Prices rallied on short-cover-
ing yesterday but the May
futures position on the London
market stiU ended £22 down at
£926-50 a tonne. The earlier
fall had taken futures prices to
the lowest levels since June
last year.

Figures published by toe
Cocoa. Chocolate and Confec-
tionery Alliance put UK Janu-
ary-March cocoa bean grindings
at 25,335 tonnes, • up 16.65 per
cent from the same period last
year.

Pressure on the world sugar
market came from selling by
Thailand. Dominican Republic
and Florida. This resulted in
prices slipping to the lowest
levels for 24-years. The August
position on the London futures
market ended the wfcek £15-80
down at £132.65 a tonne and
the London daily price for new
sugar was £16 lower on the
week of £1?6.

Gas oil prices, which have
strengthened recently because
of tighter supplies of Russian
oil, were given a further boost
this week by news of reduced
Opee production. The May posi-
tion on toe London futures
market ended $14.75 up on the
week at $292.75 a tonne.

HlghGrdcH . :

Cash 870-1 WJ St 873-4 4*.7S

3 mthw 900.5. Z +8 I 903-.S '+9
sattlam't I 871 i-*-7_5- — : ......

Cathodes !

Cash- I 866-7 ! + 8Jj 868-9 +I.B

3 months I 895-6 897.541 -rti

Settiemt 867 +8.6 - j

U-S.Prod. — 1 . — 1 -■•...

Amalgamated Mstsf Trading reported
Riot in dw morning cash Higher Grada
uaded at C871.S0. 71.00. 70.50. thiae
months C898.00. 96.50. 99.00. 99.50.

900.00. 01 . 00 . 900.50. Cathodes, dirsa
months C896.00. 95.00. ke rb: Higher
Grade, three nton4ts £902.00, 03.00.

03.50. Afternoon: Higher Grade, three
months £905.00. 04.50. 04.00. 03.50.

03.00. 04.00. 03.50. 03.00. 03.50. 04.00,
03.90. Kerb'. Higher Grade, throe months
£904X0, 03 JO. 04.00. 06.00. 04.50, 04.00,
0350. OS;®). JTurnoyar. 28.950 tonnes.

i a nru +or‘ pjn.’ ;+ or
TIN ; Official - lUnofflelar —

High Grade £ - £ < £ i £

Cash 7045-56 -62,5 7120-50 *30

3 months! 7270-90 —76 7550-5 +30

Settiemt 7035 —60 - !

Standard

Cash. 7045-55 -67 A 7120^0 +30

S months 7270-5 -70 7550-5 +30

Settiemt 7066 —60 - i

Straits E. $229.41 1

NewYork' $229.32 +6.21

Tin — Morning: Standard. three
months £7,255, 60. 55, 50, 55. SO. 65.
70, 75. 70. 80. Kerb: Standard, three
months £7-29.0 7.3D0. 05, 10. After-
noon: Standard, throe months £7,310.
20. 30. 35. 30. 35. 40. 46. SO. 55.
Kerb: Standard, three months £7.360.
55. 60. 70. 60. 90. ' Turnover 2^410
tonnes.

turn. + or. ~jj.m. + or
lead Official ; — Unofficial -i

£ £ £ ~ £~

Cash. 324.S-5 +.5 > 328-.S +4.62

3 months 338.5-9 +1.5 341-.5 +4.87

Settlem’t 825 +.6 ■ —

ILS. Spot - __ : *26~30

Lent — MorrorTg: Cash £328.00, thro#
months £339.00, 39.50, 39.00, 38.50.
Kerb: Three months £341.00. 40.00.

40.50. 41.00. AbemooA: Throe month*
£343 00. 41.00, 41 60. 41 CO. Kerb:
Three month* £340 50, 40.00, 41.00,

41.50. 42.00. Turnover; 12.100 tonnes.

’ a.m. ~ +ljr plm. +or

ZINC Official — Unofficial: — *

£ £ £ £

Gash 485.6-6 — J 427.68.6 *6

3 months. 427.68 +.6 428.5-9 +4

S'mont... 425.5 —JS —

Prtmw*ts — *35. ....

' ^Zinc ■ ' M orning: Cash £425.00. three
months £428.00. 28.50. 28.00, 27.50.
Kerb: Three months £428.00, 27.50,

36.00. Afternoon : Three months £429.00,
3660. 28.00. 28.60. 29.00. kerb: Three
months £428.00. 27.00. 28.00. Turnover
10.050 ttffiwe.

Alumlnm

a.m.

Official

1 ^ *

f+er pjn. ;+or
j — (UncfficiBlJ — t

Spot 65 ^La6

3 months 6W^80.

! £ 1 £ if

— 1 561.M.5 +6JS
— 1J- 5833-4 +6

| i

1*365

*276

S325

saw

>

! W06.S -22

! £1,138,5 1—13 .

! 7 1.50c +0.1

£500 -

*892.75 +14.75
' £269* - ,

i 66p +0.85

■ £2 23k ' - ■
; M4QI650X -
! £196x11 —16 '

: £820)4 : -

I isop ; -

;■ 40 ?p kilo' + 7

£1,038 SL276 £958

£956.6 £1,223.5 '£819.5

£1074 £1 363.5 l£l, 122.5

57.80c ;7130e !6780c

£600 l£540 £500

1814 *523 *235.25

1886.76 XZB9 £863

I&, SS

S730 I *540(850 1*640

£200 IE177 (£126 .

£215 £285 l£21B

: i*K p SZ P

• • flop sop
32Bp MtoEQlp M|flj57Sp Id to

t’ Una voted, (g) MKtoseeeer-
June. (*> A»H!-*4*y T

(« Juty. (u) Jons- fwl May. W Sept. M Mey.
(y) AMB-Sept. • Nominal, f Ghane ooooa.

INDICES

DOW JONES

FINANCIAL TIMES

Dow : April | April jMonthiYear
Jones; » i « ' age , age

AprllSSiApril 21. Month agopfear ego
244J2 !a46.15 i 244.56 861.37

Spot 126.59 ’121 J6 -124.45411.9
Putr's 120.70 ;i30.16 )l28 .38422.8

(Bate; July 1, HB-WO).

(Base: December 31 1574—100)

MOODY'S

REUTERS

April SB April 2a M’ntft agdYearago

997.2 1 OT7.5 1 994.8 1 lUSfl

1688.71 1601.6 1 18905 UlOW

(December 31. 1831*100} .

(Base: 5etnmber 18. 1931-100}

Aluminium — Morning: Throe months
£577.00, 77.60. 78.00. 79.00. 78.50.
80 00. Kerb: Three months £590.00.
81.00 Afternoon: Three months £583.00.
83-50, 84.00. Kerb: Throe months
£584.00. 83.00, 84.00. 83.50. Turnover.
13.425 tonnes.

NICKEL 1 a.m. '+ or 1 p.m. i+ or
’ Official I — [Unofficial —

Spot 30606 +17.6 3066-75 -27A

3 months 3115-80 +36 '3125-30 +30

Nickel — Morning: Throe months
'£3.110, 20. Kerb: Throe months £3.120.
Afternoon: Three months C3.120. 25.
Kerb: Throe months £2.123, 30, 25.
Turnover 1,116 Son n es.

* Cents par pound. $ NS par kilo.
t On previous o&dal don.

SILVER

Sihror was fixed 2.1 p an ounce
higher for spot delivery in the London
bullion marker yesterday at 4C8.6p.
U.S. cent equivalents ot the fixing
levels wars: spot 720.5c, up 2.5c:
threa-monih 746,2c. up 2c; six-month

772.5, up 1.5c: and 12-month 824.3c,

up 1.3c. The metal opened at 405-407p
(718-721 c) and dosed at 4i0-413p
(726730CI.

SILVER Bullion ,+ or L.M.E. •+ or
per fixing — • p.m. ; —
tray oz. | price : i Unofflc’t

Spot ........ (40 6.8t)p +8.10! 410.5p !+ 7

3 morrths.l419.80p j+LIDi 424.00p +e.as
6 months, 433 JBp -

18monthSi460 .B0p W .W - !

(ME — Turnover 85 .(78) lots of
10.000 oz. Morning.' Throe months 421.0.

20.5. 20.7. 22 J. 22.0. 21.8, 22.0. Kerb:
three months 423.S. Afternoon: throe
months 424.00. 23.5. 23.2, 23.4, 23.5.
Kerb: unrroefed. '

COCOA

[Yee'rdaiy'si + or f Business'
COCOA j Ciose j - I Done

April

BB6.916+9.6

_

May

sae-27

+ 7.0

929 11

July -...■

B62 63

r8J

965-47

Sapt

993 94

+ 7.0

995-90

Dec

1035 36

+ 2.5

1037-25

March ......

1065-66

—2.0

1065-67

May

1085-86

-1.0

1180

July -

1100-20

+8.5

1100

Ssias: 3.276 (2,438) lots of ICO
tonnes.

ICCO— Only pnee lob Apnt 23: 78 26
(76^5) . IrwfccMor price lor Aprrl 25:
7B.C8 (78 13).

COFFEE

Tutsrdsya

COFFEE I Close '+ or Business

! 1 — ■ Done

i£ per tonne;

May 1195-08 1 — 134) 1201-80

July.. 1137-40 :+LS -U401B

Sept_ : 1104-06 + 6.0 11108.78

Nov 1086-89 1 + 4.5 ,1090-86

January-...' 1080-85 : + 2J) ;1068-61

March 1065-60 |-7.o ; -

May 1 1040-65 .— 12.61 - _

Sates: 2.379 (2.722) lots of 5 tonnes.

ICO indicator prices lor Aprrl 22.
(V S. cants par pound): Comp, deify
1979 122.40 (122.32): 16-dey average
124.23 (124.18).

GAS OIL FUTURES

Pisces steadied on continued nervous-
ness ever the Middle Eut and the
FetWends. Physical price* were Mso
steady. Rumours dut the UK tied
regained South Georgia pushed prices
to the frlgfcf, reports Premier Men.

Yeftow Mey/June 90.50 softer. Bertey:
English Feed lob May 117.60 ps-d
Gunness. May/June 119.50 East Coast.
June 117.76 East Coast aellars.

WHEAT BARLEY

Yesterd'ys +#r Yest’rd’ys +or
Mrrth close — c/osa —

May.. 119.35 +0.35 112.00 +0.15

July.. 123.85 +0J0 -

Sept. 107.65 -0.10 103.35 -OJ5

Nov.. 111.45 -0.1B 107^0 -0.06

Jan ... 115.50 —0.10 111.26 — 0.65

Mar.' 119.06 _fl.il 1 14.66 -OJS

Business done — Wheat: Mey - 1*l8i40-
118.75, Juiy 123^5-122 .B. Sept no
trades. Nov 111.40 only. Jan no trades.
Met no trades. Sates: IS lots of 100
tonnes: Barley; May 1 12.00-11 1 .55.

Sept 1C3.35 only. Nov 107.25 only. Jan
no trades. Mar no trades. Sates: 92
lots of 100 tonnes.

HGCA — Locational ex-farm spot
ericas. Feed barley: E. Mtds 110.23.
N East 110.00, Scotland 112.80. The
UK Monetary Coefficient lor she week
begmmng Monday April 26 will remain
unchanged.

RUBBER

The London physical market opened
about unchanged, attracted very little
interest through the day and closed
quiet. Lewis and Peat recorded a May
fob price lor No. 1 RSS in Kusis
Lumpui of 208.5 (2&7.0) cents a kg
and SMR 20 173.0 (179.5).

No. 1 Ye*t'r*y« Previous Business
R^S. olose close Done

May...-
June....'
Jly-Sept-
Oct-Dec
Jan- Mar;
Apl-Jns
Jly-Septi
Oct-Dec
J’n-Mehl

6S.7D-58.B0:
57.7047 M
k8.U-6iJ»l
90.80-HJB.
62.40-62.50'
S4JXLS4.10
BS .56-45.501
67J16-67.20'
B0JS0M.70

BB.4D-58.BD: -

57JMU0 —
BBJD.5l.70i 5SJ2S-5B.S9
08.70 J6.B0! 61.10J0.70
B2.1ILS2J0 82.00-62.40
69.7843 JO 64.10-69.80
(5J0-B5.4OI G5JBS
B6.60-0B.B0! 67.10
65.2041.40' 66 JS

Sales: Z30 (238) iou oi 15 tonnes,
nil (1) lots Of 5 tonnes.

Physical closing prices (buyers)
were: Spot 56.00p (same); May 53.50p
(same): June 54.25c (same).

SOYABEAN MEAL

The market opened firm on conatruc-
iivb stock figures, reports T. G.
Roddick. Prices remained steady on
ahort-oovering end stop-<t>SS buying
•heed of the weekend.

Yeeterdya 4- or Business

1 Close 1 — Done

I i ! !

per tonne

June I 167 JO-17 J +2 JO 1M JO-57. BO

August. ; I67J0-67.7 *1.06 167.40-67.29

October, ; 1S8 J0-86.6 + 1JD 166J0-3B.10

Doc 141 JO-41.7 + 1.76 141JM1.U

Fob 146.00-46.0 + 1.10 -

April m.OO.47.0 +1J5 -

SSss: 313 (65) tot’s of 100 tonnss.

SUGAR

No. 4 Yesterday Previous Business
Ccn- dote close done
tract ,

£ par tonne

May 126Jb-28JB 12Z.60-2SJB 1B0 J0-2U6

Aug 132JML55 161.68-31.70 1M.B0-M JO

Oct .j lM.ltW8J8l37.6037.7fr140J6-2i.7B

Jan [141.B0-42J0 T4AJMEJ8 142,00

148.1*46 JO'147JOJ6JIO|150^47J5
161JMU0 1 SO .75-6 1 JO: 1B3JD49.B0
155.0fr48.0Dl 164 JO-Bfi J0US4J0

Menth |

Yest’day'e + or !
close j — |

Business

Den*

j

* UJL ! i

per tonne/

SJ&[231JD-S7J

S.!S|254J*-86J

May_ ' 292.75 +3.!8|2MJBJ6J5

June : ZB8.7S ;+2J5l2S0.7Mflj0

JUly.._ 287,50' ! +2 JSj290J(L8&.OO

August 1 267.50 :+3 .sbS32J646^0

Sept. *8 9JOO ; + 2.50^,0649. SO

Oct. : 292.00 '+4JflSlJfr61 JO

Nov.„ 294.00 +OJOmOO-B4JO

Deo 1 298.00 ;+gJ0i2WJP-8IJ6

Turnover: 3.79* (6,115) .lots Of 100
tonnes.

GRAINS

LONDON GRAINS— Wheat: U-S. Dark
Northern Spring No 1 14 per cent May
20/June 10 116.75. June V1S.26. July
14.75 transhipment East Coast ootlero.
Ea g l ia b Feed fob Mey 122. June 123.*
East Cowl seders. Maize: French
second h*4f Asftl 13*60 ttwrehrement
East C aw eeker. S. Ataeso Wk9/

Marah

May-..^

Aug

Sates: 8.102 (6.229) lots of 50 tonnes.
Taw and Lyie delivery price tor
granulansd basis while auger w&s
£374.00 (jam#) « tonne fob for home
trade and £233,00 (£236.00) for export.

Inte rnet pnet Sugar Agreement (U-S.
wns per pound) fob and stowed
Caribbean porta. Prices lor Apnf 22:
Daily price 8.53 (8.97); 15-day average
9 88 (10.02).

LONDON DAILY PRICE— flew auger
£128.00 (£129.00) e tonne oil Apnl-
May-June shipmam. White sugar daily
pnee £153.00 (Cl 57.00).

WOOL FUTURES

LONDON NEW ZEALAND CROSS-
BrBOJ-^Idso (in order: buyer, setter,
business) May 383. 388. 388: Aug 408.
407. 407-406; Oct *14. 415. 412; Dee
415. 41 5, 413TO11; Jan 416. 417. 414c
Mar 421. 426. 420-417; May 431. 433.
428: Aug 440, 443, 438: Oft 444. 450.
442-441 Sates: 28.

SYDNEY GREASY WOOL— Of as* fin
oiider: buyer. selter. businaaa).

Austretteo oetna per fco- Mr* EE8.fi,

GOLD MARKETS

*2£ t 5 m fS i LONDON FUTURES

market yesterday to finish at '~T h _ Yest , rday'*' +or Business
S352-353. Trading was quiet for Montn close I — . Done

roost of toe morning after an r ; i

opening level of ®34M46. toe i oSHSf* -

lowest level of toe day. Short August ; 20fi.tB-&jfl+s.S7B 206.7D-2.io

covering ahead of toe weekend Sepfmb’rl 208 .id-b.ib;+M 26 zoo. 50-7.46
pushed toe metal to a best level 5-S^ «««»«*«
of • S353-35SI however before 1aM (t ' ,66 » lo “ of ,co

finishing sli^itiy below the best y
level of the day.

j April 25 I April 22

Gold Bullion (fine ounce)

Close 1*352-353 * >£199 189151 153433* -544 S« (£193 1 : - 1941

Opening _ 5346 340 t£194lg-196) SS44-344 i£194-194in

Morning fixing J8346.75 (£195.705) *344,76 (£194.1951

Afternoon fixing 1*362 J5 (£198.596) *345 (£194.290)

Gold Coin*

Krugerrand ;*362l*-363» 4 (£2043* 205i« S3 54 -355 (£199 i a -200)

1/2 Krugerrand... 2187*188 i£105i«-106i< *lB2te-183l| (£102J*103i:.

1.4 Kruaerrand... *95)4-96 >< i£53*4-541ei R95-B4 i £52)2-531

Ml Krugerrand ,536-40 i£82-22>ai S38-39 i£21tg-22)

Mapieieaf *361)2-363 i£204U-2051j. S36S-334I* .£199-199^1

New Soverelgn*.iS85is B6 (£4Bi4-4BVn sa3ia-84 (£47^7 1 «)

King Save reigns. 109899 i£65)t-56) *97-98 >£9412-651

Victoria SOV*. 598-99 i£55i2-5b) *97-99 i£54l a -55t

Franoh 80*-, 577A7 <M3h-4BUi *76-95 t£42U-0S)

69 posoa Mexico 8452-43534 .£244M a4BU* *422)4 426 (£238-240)

lOu Cor. Auetrie. S340i4.343i. i£192i E 194l *333 33512 )£187l2-lBai

*20 Eagles IS440-44S i£248)t-2Sl>z 6439-444 (£247 4-2531

AMERICAN MARKETS

NEW YORK. April 22. Sugat^-No. 11: May B 68-8.70 (9 07).

SSSTliiSKT?"! aSiasfM.rof'io.S:

&X .l a p!!£ ta£?N Ste,- i J 4 u 965 10SS - SflPt

of increasing nearby avoilabHiiy from 1 '^IsS'oo.sk m f58VaJ-SaS 001
tits Ivory Coan. Sugar made new lows T,n aeo-w-woo (SBi -Ml 500 ).
because of caeft safee by Thartond end CHICAGO. AprH 22.

tight new quotas lor U.S. Hasting oil lard— Chicago loose 21. SO (22.50).
was limit-up on increasing probabilities .JSKf 9 .

oi a U.S. impott tax and Opac >nd«a- .(f48 2)^apt 361 .8 f3M.6). Dec 1 372.3.
Mms that currant production is Mow March 385--. June 4 J^ 3 -

sef(-tm posed ceilings, reported Hetnold. . Llw " A f
rt Cocoa — May 1589 (1806), July £>■ it S'S -

1563 11581), Sept 1610, Dec 1880 62.95. Dec 63.35. Feb 63 <5. Aprrl 63.60.

March 1745, May 1791, Ju?y MOA. ,

Sales- 2.800 Jul T 59.6o-59.15 (59.K). Aug 58.90-

% » 50 *• 0cl 56.35-56.50. Doc 58.65, Feb

Coffee— C Contract: May 134.10- 50 . 05 . June 5185. July 53 50.

13*; 20 riSS-M). ,!*J 5 ' 12 ®- 50 ttMaue— May 276*4-277 (278**1. July

(123.38). Sept 11o.10-11S 25, Dec 286*3-286*. (288**). Sept 290>-290V

113.00. -March 110.50-111.00. May DeV 295*4. 3^308*4. May 316*-

105.50- 109.50. July 100flp.J09.00. Sept Pork Bafiies - May 82.40 fl2. 20

99.50- 109.00. Saiaa: 2.061. (81.70). July 81.05-80 85 (80.35). Aue

“- 70 7S 40-78 80. Feb 73.40-73 00. March

•-*■5-“ r» (K). Jun« 70.90 July 73 g 5i May 74 40. July 75 40.

71. 95-72.05. Sept 73.70. tae 76.20- tSoya beans — May G50-650S (652*.).

8 DM 7l { an Sera M W Dee r U ' y i 663 ’*’- A °9 566^66*..

S'ffi jif Srifa- 8 lS ’ ?® PI “^r, 660 - NoW 674 ’ 67413 - j8n B871 *-

2 ? ,D m su* M »« h mi >- May 7T3*,. July 722*,.

TTuv K 7 «J«*r« y II Soyabean Meal — May 189.0-189.2

flSSj.iT£ J "KJnJS 3at"Si 'W: ill

oi'ii.sSSi"* J “ 1 ' “| , 9 1 ° V JffjjSf ans -

, 344 ' 7 rJ^t5, ) n «“ y Soyabean Oii — May 19 63- 19 6 T

356 L 3B ? 0 *S? ™°4 p S 09.65) July 2Q.3B-20 27 (20 27). Aur,
X6J-357J Or 385.0 Dec 372.5, Feb 3354 . Sam ■ 20.75 20 JO, Oct 20.90

S»i 835: °“ 2, '»' J,n 5, “-

Orange Juice — May 112.80-113.20 tWhear — May J 73 I 3-373 ( 377 *,) July

^■^7» ly u 115 i^™ 5 ^ t 38*v^S.r^pr 3 ^^. J D u Jr

SVS£h {Soo-SSb. X ?i£- S'* 11 - Mfl,ch ««■

la » S** 1 127 - S °- ' WINNIPEG. April 22

1 “Stoui!Spr 3 2 9 . 5 (33011. July J ? ££ JjJ^ ^
3385-338.0 /337 1). 0« 345.5. Jan Marah 132.00.

P^L ,l££> raUo.ai_M.Lu an 7 5Wh)»at-SCWRS 13 5 per cent pre-

SmBT" 1 •* St - lammn 223 79

3^5 -jM.Q. A prH, 1<». 0-105 J. Seles: 154. All cents per pound e> -warehouse

unless othanuise stated. * * per trey
^ Ounce 7 Cents per troy ounce.

735.0- 738.5, Sept 763.0. Dac 780.0. Jan it Cents per 56-lb bushel, + Cants

251 YlT 22t* JSr SSi‘ J , uly par 6 °- |b bu * h *‘- 'I S P° r short wn
SJ* *S?- S ' J*" '2.000 lb). § SCan. per metric ion.

S96.5. Handy end ftenman buff, on spot: §§S par 1.000 bo It. 1 Cants per

716 JO (720.00), dozan. it S Per metric ton.

557.0. 560,0-686.0: July S9*.0, SS5.0, DfVT A TAFC
5S7.5-ffi3 5; Oct 524.5, 526.0. 5126.0- rUlAlUfiS

J>= 525 0. 527.0, Sffl.5-5ffi.O: LONDON POTATO FUTURES— Tire

*^*■ 528-0. 5».0, untraded; May 532.0. market was quiet and featureless.

2- reports Coley and Harper. Cloa.ng

5*1 0: Oct 5*0.0. 5*2.0. 540 0. Sates: prices: Nov 65.80. -030 (tegh 66.W.
lao - tew 65 50): Feb 75.90. -1 10 fhijfti

. __ __ _ 77 00. low 75.60): Apni 88.10. +033

VEGETABLE OILS 88 ^ ' ow m*v sb.».

+D.7o (High 99.00. low 97.40). Turn-
SOYABEAN Oll^-Thn market opened 142 i 380 ) 01 40 »»«“•

strong on active ending encouraged *

by firm cash markets and found GRIMSBY FISH— Supply peer,
renewed buying. Closing prices and demand good. Price* at step's *«<« .
business done (U.S. S nr tonne): ( unprotected) par stone: sheer cod
June 500.00fl2.00. *05.00-501 .50; Aug £5.00- £6.00, codling a fi3.50-M.09:

502. 00- 03 00. *85 JO-504. 00: Oct 508 00- medium haddock £4.00-£460, email

00 60 . 500.00fl6.00; Dec 500.50-12.00. £2 50- £3.00; medium since E*90-£5 00,

505 50-08.00: Feb 513.50-15 00. 511.00- bant smaH £3.60- M-7C. skinned deeffab
14.00: April 622.00-S.00. Sales: 223 (-medium) £8-00: lemon »o,» (terse)
(168), late cl 25 tonne* 0.60, (medium) £7J60| £2JBQ,

banks, DISCOUNT (513)

«rv-c

‘aSrtV Nc " 2 «' *•* Cp. <sai,

i*" 1 ; Irwanif UrtlJ 200 5 IQ
Kii Mp *lr-al rtC2i 9.7 (2 1 t,

10U,,, Wil « ■**»’ «L<«.

cSS -A ,,e " Hf dM ■ £!} 315 6

aj^Ksa^ 1 ”^’ "” ,s

sss: ,J °

iSoTa'^S ,5D,> 13 £16J4l. (5p)

JJ'" Samuel Grp 155 r

lS fl 1 K r a ShM » h »' ■"» (SHZ.SOJ IQS 9

tiS 1 Jgnmhaa 62 121 f4)
E*"9 ShaxMn f 20 n> aa
Kroinwort Benson Um2£*u

raJfipfiiir Bensan u tjMiMale^ 224 ^

L KSu£ffi. HffW-n i , =.

British Printing 3 S ' 3 9 40
British Steam S«tti4lt>+i UOp) 107 ij
British Sugar 150 s) 475 85
Bntisn Stphoii inoa. >20 pi 24 is a
! r l£ , *i* l.» r PfM'- * , 10o) 40 12-1,4)

British Vending, Inds. ilOn) 1 -Si*

British Vila 145
Hrocfcfisute 34 1; 5

firghcn Hill Ptr iJA 2 ) 450 60 Z 3 4 5 6
7 o

. Bronx Emm. Hides *10 b> Z0*» 1 i-
i Brook >lrcn Bureau of Mayfair rldo) 25
' BroeVe Band Grouo 51': 2 i* 3 '■

Broom TOO* Enan <Hldgs) 16 <21 4i
Brooks Watson Group >|r£D 33) lr£0.3S
Brotherhood iPeterl i90d) 1-12
Brcwn jacno» 'ZOp) 21
Brown raws* 1400

Brown Bcveri Kent 'Hldas) 31U liut h
Brown (John! sfa 7 9
I Brown iff i Inn iJOo) T03 >21-4)
Brosaninq-Fnrris IrdS i )0 166) 17U 131.4)
J BrOwnlee Sj

| Bninnma Grew a go <21,4) Rtt.V 72
Bruntons ' Musselburgh) IIS
Bryant HIdOS 98'l lOO
Bulqln (A. F.' (5pt 22 its •*). A CSpi 22
Bull Cwah <20 D) 176 82 7 90
Bulmar Lumb (MIMS) <20o) 42'r tl6.4)
Butirl 175 6
Bum Dean 94 5 rzi(4>

Burgess Products 50. A NV 40 3 i20;4)
Bumdcne I must rl 5s i 6tt
Burnett HallAmshire 700 5 15 20 5 30
Bums- Anderson nop) 26 <Z1.'4i. lOpcLn
as (21J4i

Burroughs Machines SttpeLn 74';

Burton r»p) 171 2 3 4 S 6. Wts to suta
73 E (2014)

Butterfield- Harvey 171: d;

.yjapcUnseoLn nsi- 6 " * ■* s -

Minster AsMta 73 * u aj
U ?2V4i l Bank °* Australasia (All) 154
Tft Bant CE1) 415 7

O« 0 "wn Bank 55 § 7
SSSl 9* n *j 5l Canada (SCI) lOtt
R | y | l •*"* Scotland Grn 103 4 6 7
fchroders i£ii 425

Sc™>mbe Marshall & Campion 210 5

tEtS.ij A ubv " (Hldgs) 40
5^ 20 ^S^TSb Bjnk '• tl, 808 ’0 13
iS2K ,D .3i2 , " ,n,0 E BanH ISCI. 13". J21 Mi
Wh&S'f® n73 °' London f£ ” 42fl O

BREWERIES (339)

Allled-Lyons BS ■> 6 u 7
Amalgamated Distilled "Products HObi B3

Bms 221 2 3 4 5 6
Bclhaven Brewery lb 7 8
Bell lArtnuri 5ons iSOpi 182 4 5 6
Boddingigns Breweries 140 1 . SttocUns.
un- ill

Border Breweries iWrcxhami 88 UStfi
Biown (Matlhcwi 166
Buckley's Brewery 40
Bulmcr 1 H.P .1 Hldgs- 385 7

-n.r.i nlUVJ. J U J f

Burton wood Brewery (Forihawii 408

iMatthcwi Sons iHMgi.i 144 6 MSNAi

Clark .....

□ avenuart's «Hldgs.l 160

□ evanish tJ.A.i 373 i21<4i
Distillers tSOw 174 5 6 7 8
Grecnall Whitley 111 2 3 4 ■:
Greene King Sons 294
Guinness lArthur) Sons BO 1 2
Hardys Hansons 363 1 I 6141

Hardys Hansons 363 i16!4i
Highland Distilleries (20oi 11 2 1
Hlgsons Brewery 75
Holt (Joscphi 575 i19I4i
I nvergordon Distillers (Hid us.) 1551-
Irish Distillers Grp .(lr.0.25) 15033 1 201 41
Macallan -Gleflllrct 4404)

Macdonald Martin DtstlTlerlos A tSOpt 335
i21J4l. B 330 (16141
Mansfield Brewery (£1i 340
Marston Thnmnam & Ever shed 73
Morland ZD7 10

Scottish & Newcastle Breweries iZOni 54

1 . 5 >a 6

Seagram 29 (16'4)

South African Breweries IR0.20I 191 (2114)
romarin Distillers 48 51
Vaux Breweries 130 2 (21/41
Whitbread A 101 2 3. B 102 4
Whitbread Inv. 9B 100 120/41
Wolverhampton & Dudley Breweries 194
Young Grow. A CSOp; 247. NV (SOpi
1B4 It 9141

COMMERCIAL (6,957)
A— B

AAA Industries 33 120141
AAA Holdings 80

AB Electronics Produces Group 145 8 50

AE 49® irffl 50®

AGB Research HOP) 260 2 5 7
A1 industrial Products 9 (21141

AIM Group dOoi 145 (20)4). New «10pl
14S 6 7

APV Holdings iSOpi 260 3 (20141. lObpc
Ln 173

Aarorcon riop> 29
Abbey (£0.41 12014)

Abbott Laboratories 16s 121.' 4)

Abercom Grp. IR0.30) 130 3
Aberdeen Construction Grp. 219
Abe rt haw. Brblol Chan. Portl. 355
Abwood Machine Toots (toot 10. Do.
Ord 73P lOt 11614)

Arrow 7 d (20 4i. Do. Non V 45. BpcLn
54 (19.4J
Adams. Gibbon 91
Advance Services HOP) 57 (16.4)

Adwcst Grn. 1B2 5

Aero Needles Grp. 18 >1614)

Aeronautical and Gen. Instruments 177®
African Lakes Corn. 22
Airflow Streamlines 19 (20>4)

Albion iZOD) 111; i21!4l
Alcan Aluminium Nov 10>«

Alexanders Hldgs. (IOpi 8. New 8. A'
HObi 6 '; >20 4>

Aiiebone and Sons HOnl 26 >21f4>

Allen (W. G.i Sons iTloton 40
Allied Colloids Gro. iiOpi 1 B3 4 5 6
Allied Plant Grn. iIOp) 10':

Allied Residential itOnj 17
Alpine Hldgs. (Spl 56
Alpine Soft Drinks HOp) 70 i21 4i

30>] Z'„

Amstrad Consumer Electronics 231
Anchor Chemical Gro. 81
Anderson. Strathclyde 106 ■:

Anglia Television Grp. A.Non.V. I2g 30
AoplevardlSni. of Cos. 44 _5

Applied 1 BB°5p l 2* r Techniques (Hides.)
Aeuascutum Grot (Spi 35 (21.4). A (Spi

31®

Aronson Grp. iIOp) 26
Argyll Foods (10 p> 99 100
Ariel Indus. 22 (2111)

Arlcn Electrical 24 i'l6<'4)

Arlington Motor Hldgs. 62 <16/41
Armltage Bros. (Eli 500 so
Armstrong Equip, CTOpi 25 I; 6
Amelia? Hldgs. HOP) 35
Arrow Chemicals Hldgs. 3Z r2i:4)

Ash and Lacy 2B9

Ashley Industrial Trust 37>:: >: (21/4)
Associated Book Publishers 425 32
Associated British Engmg. Z8':S 'ui (21/4)
Associated British Foods i5pi 133 4 5 7
Associated Communications Carp. A 102
Associated Dairies Group 130 1 2 3 4 5
Asociated Fisheries 6B 8
Associated Leisure (5 p> 111 2 3i-4 5
Associated Newspapers Group 207 (21/4<
Associated Paoer inds. 63

Associated Sprayers iiOpi 24®
dgs.i ( 2 >

Astburv and Madder (Hides.) (ZObi 95 5
Astra Industrial Group iIOp) 12
Atkins Bros. (Hosiery) 72 4 (21/41
A tt woods BIS ' i»S 3. New 83 4
Audlotronlc Hldgs. (IOpi 41 *

Ault and Wiboro GrouD 30
Aurora Hides. 16 7 9. BocPI. (£1) 32 3
21-4i.B.25pcPt. (EH 361; 7 3 u

Austin (E.) and Sons IB
Austin 1 F .1 '

< Leyton 1 MOP) 6*;

Automated Security (Hldgs.) HOp) 215
20 1 2. 8 PC PI. (£1) 9.85®. SPCLfl. 186
(2 1 / 4)

Automotive Products 56
Avana Group (5 pi 252 5 60
Avon Rubber (Eli 93 4 5 6
Ayrshire Metal Products 3B: J M : (21/4)

B.A.T. Inds. 41 6789 20 2345
BBA Group 35 ■;

B1CC I50PI 320 f 2 3 « *j 5 7 8
BL I50DI 15 6 7 8

BLMC 7>jPcUnS.Ln. 55 ..

BOC 154 5 6 7 B. gpeUns.Ln. 130 I; 1 *:
BPB Industries 401 2 4 5 6
E.P.M. Hldgs. B 72 (21(4)

B-S-G. Internal. 13.J] 4

BSR ilOB) 73 4 5 6

BTR 344 5 6 7 ■ „ , - _ ,

Babcock Internal. 106 7 8 9 ': 10
Bailey iBcni Construction (IOpi 16 i20/4i
B ailey iC. H.i HOoi 6 . B CIOpI 7 <21i4i
Baird i William) (Elf 220 2 3
Baker Perkins Hldgs. rsopi 105
Barkers Househoio Stores (Leeds) < 10 p>

BaWwIn (H. J-i C10P« 11

SS35S7 “o’S.-lW “cVeI G7 .16/4,

Barker Dobsonfl p)5 ’: f U ’*

Barlow Rand iRO.Ifli 385

Barr Wallace Arnold Trust A «Non. V-# 48
67 9

KWWWW? OOP. 6 B®

Beales 1 (Jphnl CM. 4B El®*)

B«Kle n Lfamm.)*' * 1 ^k- 4 j

oop)

1 2&j£Ai h.'Wjmm*

Beflway 95 7

ISiStf CMicre.B Mach. EIOp) 61 CO.®.

B efilo* El CpI 26

Benn Bros. ^OJ .5

Bentalls E1|0 p* 38 , .

Bcrlsford <S. W ' 131 2 3 4 5

Bestebell 342

i«T<D. F.l «n»

llbbv rj-l Sons C50OI 360 5
Biddle '45_6
Bifurcated -Eng. sz
BlHam )J.) EtOo) 96

B(Sk P Ed9lnoton (SOP. £• 50 2

“i«k Arrw (50n)‘ 32 3
Black (Peter) 27 3
Blackett Hutton 5 >kL«. 09
Blackwood Hqdje 22 ':

Blandcn Hntt-

Blackleys, <2 0 Pj '.‘6, ... _ - .

Blue Circle Inds. <£!• 4S6 B BO 2 4

piuebird _Confeetloncr* 57
BiuemeT “

■ ■ a ■ j i d

British Mohair Spinners. 46*i. 7 *s
British NorthfOO tSOol 16 CUM)

BiuemeT Bros. 24

Blundell-Pennoqla** I 1 ®. 7 .. ... „„ .

Bgardman (K. O.i Internal. (SP) 6i; 120 4 ■

Bedycote Intcrnat. 56 7

Gallon Textile Mill <Sp) 15 6 C21)4]

Booker McConnell 69 70 1

Ganiev. Hawkcs 114 120 4*

Boot iHenryi {SOPI 215
Booth fjoltn) (Bolton) 30 (21/4)

Boots 219 20 1 2 3
Borthwlck (Thumasi fSOo) 12 4
Eoullon (Willismi Grn. (I On) B
Bowater *1 1 236 7 8 9. 7pcln. 100
Eowthoroo Hldgs. tlOo) 230>;

Braby Leslie (IOpi 53

Brgham Miller Gro. (lOo) 26 >• f21-'4*

Braid Gro. iSo) 42

Hralmc (T. F. a. J. H.i SO (2014). Do. A
Nor-*tO 440

Bralthwaltc Engineers fEI- 127
Bramall tC- D > 1» <i0 4'

Brammer iH.) (2001 1281 8>x!

Bra non (Eli SO M9.4-
Brasnay (I0p) 69 i20.4>

Breeden. Cloud Hill Lime Worn uo 1
Ercmner 48

Bronorccn /Hldgs.) (10p) 43
Brent chemicals Internal. ITOfl* 119
Grcnr Walker t5pi fit 3
Crick house Dudley |10p* 46 (21''4)
Bridgend Processes >ioi 4 IZ1%4)

Bndon 6S

Endeort-Gundrv i20o> 31®

Bristol Evening Post 213 ..

British Aerospace (SOpi 189 90 1 2 3
4 6:

Rrlti-.h Aluminium (50o) GZ 6
Bnhrh Bentol Carbomsinq /|ft>) 1 J I* *
Bnbrh Car Auction Group 'jIOpI 87': 8 ’a
British Dredging 32

Brir.sh Electric Traction Dfd >2 Sd) 179
7 n g so _ _

C— D

CH industnahi CIOol 19 (20, ’4)

Cable Wireless (50p) 243 4 S 6 7
Caobury Sdtweooo 101 l; 2 I <i 4
Caffyns (50o) 118
Cakeoread Robey A clop) 41 1,

Caledonian Associated Cinemas 840
Cambridge Electronic 128 9 30 1 2 3
Camfcrd Englnem-mg I 2 i; 3
Campari Juternl nopi 56
Camrev ( 2 Op, 49 &a i, f»i ii i
Canadian Paclhc npv 7.30 ,20 4,

Canning (W.) 62 3
Cantors A NV i2D?> 26
Caparo Inds 27);

Cape Inds 110 2 4

Cipser-Ne/ll (IOpi 531 ; 4 l- 5

Caravans Intern I <zop) 171 -
Carclo Englneirlng 50 1 <2'l/4)

Carless Capri Leonard < 10 p| 172 S 4 s

Carpets Irrtcml (SOD) 20®

Carr <J.) 70 (22 4i
Carnnglcn Viyella 12 3
Carron Co. 24
Carr's Milling Inds 74
Cartwright iff) (IOpi S 3 5 7 (2074)

Castings j10p> 32 r21I4)

Caterpillar Tractor 24',

Cattle's OOP) 22>> 4 l s
Causion iSIr Ji Son 30 Hi (21/41
Cj woods Hides. 281 2 3 4 5 7
CefostJon Inds. i20pi 13
Celtic Haven >Spi 24'; 51- 6 <i 7 =:

Cement- Roadstone Hides. (IEOJ25) 60 1 -®
ICO. 74 >: p60

Cent Shoerwood >5 pi 10 1
Centreway Inds. iSOP) 133 (20, 4|
Centrewav Trsl. (50p) 75
Chamberlain Phipps ilOPI 47li
Chamberlin Hill 47 i20/4)

Chambers Fargus /Sp) 32 (21/4*

Charge Wares >aopi 20

Channel Tunnel fnvs. /Sp) 125 35 /2l;4i

Cham ring (Spi 285

Chforid^c _Gro. 24 5 •; 6 . 7.5RCPrf. i£ll

Christie- Tyler rtOai ZB (2114)

Christies fntnl. tlOpf 126
Christy Bros. 33 4
Chrysler Carp. (16.251 315
Chubb San CZOp) 120 1 2
Church 177 (20/4)

Clarke (Cl 131 1; <21(41

Clarke 1 T 1 rlOP) 23 ’> <21/41

Clay >R) BO 2

Clayton San (SOpi 57 "in 9

Clifford Dairies 200 (16:4). A Non.V

C/ontfaffcfn Grp. if£0.Z5) 45 (214)

Clyde Blowers 135®

Coalite Gro. 116 7
Coates Bros. 77. A.Non.V 73
Coals Patons 64 i| 5 '* 6
Cocfcscdge (Hldgs) 17 r2l)4)

Cohen (A.) A <20pl 240 121141
Cole Group 61

Coiihts (William). Sons iHfdgs.) Ord. A
(Non-VtO.) kS4

Com ben Group (I On) 49 50. 7-'apcCjir.

Ln 1992-97 5B (20/4)

Combined Engksh Stores Group (12':p)
36 7

Combined Technologies Cpn. (TOP) 14> 5
*2 6

Comet Group <5pi 112 3

Ccmlort Hotels fntnl. rlDar 171- B

Computer Systems Eng. (20p) 235 8 40.

9.1PcCum.Red Cnv.Pf. (El) 11®
Concentric iIOp) 45
Concord Roiaflex i10o< 46 B
Condor International 67 (21141

Continuous Stationery il-Opi 27
“ ' (Hhfts.;

(IOpi 18

Dfd. Ord.

Cooocr Frederick)

(21141

Cooper Industs. rtOo) 10'; (21,4)
cone Allman International (Sp) 37 B
(21 4)

Cooydcx itOoJ 39 (20 4)

Corah 43 4

Cornell Dresses <5o) 173 7
Conr (Horace/ (Sp) IB (2114)

Cosalt 34

Coslain Group 250 2 5. Old. 236 7
Countrywide Proo. 124 C1-9/4)

Courtaulds B4 1 . S «. >: 6 '5 7
Courtney Pooe iHtdus.) (20n) 47
Courts iPurn Is hers) Non-Vtg. A 70 1
Cowxn dc Groot Cl Op) 34 (2110
Cowie CT.l <5 p) 28'.'ib; 9: 9
Cradlcv Printing (IOpi 19 70 (20/4)

Cray Electronics (IOpi SS 7
Crest Nicholson tlOn) 95 9
Crock- InH. (IOpi It 2 1 ■;

riOpI 42 I; 4
Crontle Group 32
Cropper (James' 143
Crosbv House Group 'E'l
IDocUnsec-Ln. 130 <16;4)

Crosby Wcodefd *I0 d) 9 >:

Crouch (Derek) (20p> 99 104
Crouch Group 1 08. 9pcUnsec.Ln. 73
• 2B4)

Crown Ho-jge 72

Crown Zefferbach Corp. >35) 13hi (21,*)
Crowther (John) Group 20
Crystalate Hldgs. i.SpI 99’: 100 1. 9>.pc
U nser.Ln. 145 7 (21 41
Cullen's Stores (20p) 230 iZI/4). A Non-
Vtg. (20pl 200
Curry's Group 174 S B
Cussips Prop. Group (20p) 96 100 b ’in )
□RG B1 2 3

Dales Electric fntnl. flop) 61
Dslgetv (£1) 310 1 2 3 4 5
Danish Bacon A (EIJ 79

GR <H Idas’ 268®

Gall, ford >5p) 61

Garferd-Lillev Endints. <5o) 37 (20/4)
Gernar Booth 76 t20l«)

Girtans HOoi B*; (21 4f
GiskeD Broadlcom ,2 Op) 39
Gain >F. G.i 57 I; B
Geers Gross >10ol 154
Gdier -A. J.) <2Pp> 48 (19/4)

Gen. Electric 112 50) 3B<«

Gen. Electric 623 S 7 8 9 30 1 fl 3
General Mifers tSIE) 23ti
Geotetner Hldgs. 65 (16 4). A Non-rig
S5 6 A Non. rig Cap 50 (21/41. TOpc
Ln. ri ■« 2

Gibb-. Dandy HOpi 73 <21.4). Non.rig A
(IOpi 19 121/41
Gtnes Gp. <20pi 32
Gill Duffos GO. 140 1 4
Glanhetd Lawrence di 'I 814 *..

Glasgow Pavilion HOP) 27 (21 4)

Glass Glover Go (Spl J 29# . , „ . „ ^
Guo Hldgs <50p) 626 8 30 2 3 4 5 6

8 40. 7’fPCLn. 241 56

Icrton fM. J.1 * Contractors) (10p) 106 7

9

Glossop 71 >21 "4i . „

Glrnwnd HO ’1 20 T. 6oeUi 73 ,
Gnome Photograohic Prodi (IOp) 54
C20(4i

GoSnun (H.i Go <10p) W &1?4)

«an H SS,Sp) 2 1 3 * 8 M

Gordon (t.) Go. (iOpi a O
Grampian Hldgs. _50
Granada Grp- A 206 a ■* 40
Grand Met CWP> 204 S 6 7 6 9

Gt? t Unlvtrsal Stores 490 5. Oo. A 489

Gro«t^rm 2 «"» Sto4* J A <m L50) 2B0 CtO/4)
Green bank inds. Hldgs. Cl On) 33*:
Greenfields Leisure OOP) TS VVtA)

Green's Econumlser Crp. 147
Grlmshawc HI dps- (2 Op) 12 €18 <)
Griw crr ads H d4l. ulOpl 98 9 'SI 8)
GrotSTCSSL. CaTCos. (Us) M SO (21/4)

Stock Exchange

Financial Times Saturday April 24 19S2

Smith nurd SJ (Hldos) X2Qp) S3
Sio.tfi.CW. H.i Son iMMgiJ A-OOp) 176

- 9 ’SWM 14*

Vmrti Win .

Smith* Imfwtrtes CSOp) 327p ra X 5.
T'.ocLn. 147®

dealings

Swv 6 t.CJ « 6 «rs qD>.Cw>iai OrtOtaO Kto 4
Scdex A <*M.) (SOP) 37

Grovebell Grp. i3P> S': New

(nil ad 1 Dii

Guest Keen and Ncttefo>di l SB 9 60 1
2 3 4 5- 6'ipeLn. 7B
H.A.T. Gro. (iOoi 83 4 i-
H.T.V. Grp. 120S *|i S
Habitat M3iix.rt.we CI«pi 137 9 40.

D.-pcLn £107 8

Hafriut MoOiercari (10« 137 9 40.

yijDCLn £107 B

Hal* Engf^Higgs.) iSOP) 1S4 (21 4). 7'<PC

SSla^b^’-So^C^pn OOP) .0..-®
Halllte -50 p> 2 d 0 ®

Halma IiOpi 102
Hafscaad James Grp. (IOoi 59
Hampson Industrial (Spi 9': (20.4)

Hanger Investments <J0nf 26i;_ .
Hanimcx Coron (t AO. 25 1 47 (214)
Hanover Investments iHIdgsi HOP) 47

Hrniover Invcstts (Hldgs) (10p) 42 (21.4).

Nov V tlOo) 40 (16 41
Hanson T» 149 SO 1 >: 2. 9bpcLn 114/j

S i. 6 I-

Hargreaves Gro (20o> 53 4

Harris t Phil. PI (Htdgsi ,20 di B2

Harris Queensway Grp i20p) 166 B 70 1

2 3 4

Harrison Cpwltv (Hides) i5p) 71 >~u
Harrison IT. C.) B2 (21.4)

Harrisons & Croshotd (£1) £9 s P 5871a
600 721;

Hawkor'siddcicy 310 2 4 5 6 7 B
Hawkins and Hinson 21':

Hawlcv B5 4 ij 5 6
Hawtln (SPI 7<t BW I;

Havnes Publishing Grp (20pl 130
Harlewood Foods (20 pi 21B i 21;4)
Heaniam, Sims & Coggins i5pi 47 9 50

Heath (Samuel i A Sons (50pl 395 (16.41
Helene of London (IOpi 15><

Henderson (P. C.) 167. New 160 3 4
(21 4)

Hcnly* l20pl 103 4

Hcnrlqnes lAruthurl HOP) 21'; 4

Kepworth Ceramic 119 ■: 20 fj 1'»

Hepwerth O.I A Son (10 p> 96 7 8

Herman Smith 22

Heron Motor ST <: (21.4)

Hcwden-Stuart Plant (10n> 331 lii 121 4)
Hewitt U.) & Son (Fenton) 59
Hewroea Williams 32 3
Hick Jug Pentecost (5DPI 77 (20 4)

Hickson 6 Welch (HMgsi I50p) 235 8 40
Higgs a Hill 160: 60 i»i 2
High Gosfortfi Park (til 698>;± 700;
(20'4|

Hlghams 50 (21.41

Highland Electronics Grp (20p> 25 (2041
Hill A Smith 48'j. New 51 .

Hill i Charles) of Bristol (£1) 102 (21 41
Hillards HOpi 170
Hinton (A.1 HOP) 290

HolST/bp) 1 3*^6. Do New 32fj;I (16.4)

Hollis Bros ESA 121; 4 5

Holt Lloyd Intern! (lOs) 49 50

Home Charm (IOpi 163 4 5 6

Home Farm Products <1 Dpi 6B

Heovcr 97. Do. A 9B 103

Hor/ ton Travel 402 4t 4 5: 5 8 10

Hoskins Horton (20pi 110 121.4:

House Fraser ISt 2 4
House Lerose B7';J S (16 4)

Howard Wvndtnm (2Qp) 6’: <20/41. Do
A t k (20,4)

Howard Machinery 19 20 k 1
Howard Shuttering (10p) 32
Howard Tenens Services S?h 8 U 9
Howden 155
Hudson's Bay imv IS
Huletfs Coro (Rl) 352
Humphries 12) (21,4)

Hunt Moscrop (5 p> 11'-®. Dfd iSpi 6
Hunting Assoc. ated inds 227 (2141
Huntletgh HOn) 124 6 7 B
Huntley Palmer CZOpi 91 2 3 4 5
Hyman (Sp) 9

Tho flat below, mtrictnd mainly lo oqulttos Hid convert itilg stock*, ha» Own
taken with Garment from last Thursday's Stock Exchange OVcrei U*t anti
should not be reproduced without permission, tt show*, prices at which bufhiM*
was done in the 24 houra up to 3.30 pm on Thursday and Battled through the
Stock Exchange Talisman checking system.

The puces ate not In order of axacution. but in ascandfng order which
denotes the day's highest and lowest dealing prices.

For those securities in which no business was recorded In Thursday’s
Officii! List, the latest recorded business dons during the previous lour busi-
ness days fe given with rr’-went dam appended. The number of bargains done
on Thursday in each eect-on 4 shown against tha res p e c ti ve sub-headings.
Unless otherwise indicated Vito shares are 2 Sp fully-paid,

: Bargains at special price:. A Bargain: dene with a nan-member or executed m
overseas market. 0 Bargains done ore* torn gay. JA— {Australian: SB— 3 Bahamian:
SC — S Canadian) SHK — tMong Kong; SJ — Uamafcuii *Ma — {Malayan; SMc — S Mexican;
SNZ — SNew Zealand) SS— sstngiporc; SUS — SUnited Stares; swi — swell Indian.

sdmwi^lw amoopery SoOeer (20M

Soo w ortcx HMn 102 3 7 . 8 To' (Zi 4)
5o«K Scurf Audio Hkfin nopl 119
SeUirtw Padre ftoiKt Cnm 31 Bp 20 2 S
:.ivrd Diffus-eu v5a) Ato 400 'i U I (
Sparrow tG. W.I A Sows uos) 44 ,
Spear A Jackson l attroeriow al 82 5 0 7 8
SpcedweB Gear Cat*. Co. 23. .

SPeecer Clerk Metal tadonries- CZDP) 18
spenor Gears (HUpu) f5u) 1Z 3

Mining 5uppbcs OOg) 130 1

Mitchell Com 40 :• 1. ISoeLn 90(164)

Mitchell Somers (-1 Op) 40u (21 41

MIKl Cotp. £9.15 U

Mlxooncrete IOO

Mgpen Grp. HOp) 23 4

Modem EmjLieero of Brinol 22 4

Moll ns 149 52 3 4 S

Monk (A.) 59

Monsanto SpcLn 119

Montfort (Knitting Mills) 48

More O'Pcrrair HOpi 130 11 E. 4 ) .

Morgan Crucible 124 6
MoiTiJon tW«.) (19p) 140 3
MOSS Bros. I20P) 140 a19 4)

Meta Eoglnrerinu 90 loo 121.4)

Moss (Robert) iIOp) ag:>

Mount Charlotte Invest. (Iflp) 2Z-- 3>-

Mowlam (John) 191

Muirtiead HE

Munton Brothers iIOp) 28 9
MvsOn Grp. 1 1 0p) 26 7 (20 4}

Prestige 170 (20.41
Priest (Beniamin) n 2 H
Prince of Wales 51 -
Pritchard Sent. 83fe 4f 2 5
Pulnun at. and J.) (Sp) S5 6 (21.4)

Q— R— S

New Ord. (5p) Nil m, ©*a •* 1 U .

lOi^nv.UPS.Ln. 112 3 4 (20 0. New
10'; Cuv.Uns.Ln. Nil Pd. Z

Quae ADtoflutnn (top) 73 5
Quick (H. and J.t Gp. UOOI 39 (20.4)

Soenm (Geerpe) 21b (1M)

Sdtran-sarca umMawtpg 144

. ._ . _ (2K4)

Sax hr el Tigrn . (12i(p) 34

Soring Grove OOP) H (21/4)
sradonUMre Fowrios (Wdetf ZB aim
Stag Furniture HMgg 92 4
stakts tiom.090 ij 70
Staodard Fireworks 85
Standard imrennaJ Group 38 40 (20(4)
Stanoerd T e l ephon es A Cables Uw 1 2 3

Stanley (A, 6.) Wdgs (So) 90
Stave ter Industries (CD-230 40 2
Stead A Simpson A Ord M® <214>
Mcetter Co. 17Sp 4 5 0 7. 7noLn. 90
(204)

Stemberg Group <tOo) 25 ft (21 (4>

Stewart Ptaatka' 130

Sterling Ipdaatrtn <2 bp) 320 .

Sdriing GrodP <20o) Mt® VSO

SsockUka HldM 113 6

StoddaTO (Hldgs) A Nqp.V. 12 <18M)

bfoncuu HftfM.. «. '

Siothert Pttt (£1), 62 «l_. ..
Streetera of GodalcnUm (top) 26

strong Pinter nmg* TaO _
Stroud RHey Droamend "

N— O— P

NCC Energv 'lOo) 59 60 2

N5S NewMacnts tlOo) 176 B. lOpeLn

Nish fJ.F.) 43
Needier* 71 Z

Necosend 14i;

Neil Spencer -IQp) 17

Nelli ijimre) 25 7

New Eautpment ClOpl 32 3 (19.4)

Newarthill <£1) 520 7

Newbold Burton 45

Newman Industries 7 8 9

Ncwman-Tonks 65'.-® 7®

News fntmi. Spec. Dtv. 93 (21 4)

Nichols fj. N.l (VlmUl 218 23 i20/4)
Noble and Lund (10 p) 91; (19/4)
N0CTB1 104 l; S 61;

Norfolk Capital Group (5pt 25
Norsk Hydra A.5. pmcr IOO) S54L S541-
■21/41

North British Steel 40

North (M. F.) (IQp) 31

North Midland Const. Co. (10P) 58': CI6/4)

Northern Engmg. Inds. S6i, 7 I. 8 t* 9

Northern Foods 161 2 3 4 5 6

Northern Goldsmiths 47 (21 <4!

Norton and Wright Group (10P) 3 Dim:
Norton fW. E.) iHIdgs-i (5pi 4 i.
Nottingham. Manufac. 171 2. 6>-pcLn. 153
Nova (Jcrscyl Kmt (ZOp) 82
Nurdln and Peacock UOp) 15Z 4
Nu-Swlft Inds. ISO, 32i- 3 I*

9-_y_- g *faars (1929) >R0.50) 720 (1BI4)

Oakwood 115 (16(4'i

(Hldgs.) aOp) 39 (2V41

Ocean Wilsons Iluw „ „

E'rctronlc Machines 320
2!?. Sw S I yp 1 ®* (Karrogaiei (JOn) 73
Oliver iG.1 (Footwear) 185 (20, '4L A NV

1 BG

Olives Paper MIH (20p) 25

Olympia (Redacro iZOn) 25 (20/4)

Owen Owen IBB 70 87

Owens- Illinois, me. /Com. t (33.125) 1V«

Ozalld Group Hldgs. SpcLn. 66>j (21 u»*

i gHV-eS?- ° 0W 30 . ,

RMC 224 5 6 7

I Racal 385 7 1 90 I

; Rad/ant Metal Funs blrtg fizimi 50 t16 4) !

Rainc Ind. (IOpi I2i : (21 4)

I Rarnar Textiles (Set si; (19 4) I

Rank Ore 179 80 1 2 3 4 5 6
! Ranks Herts McDougall S7‘; 8 ■: <

Ransom iWt Miami HOp) 239 40'; '

RmwiRs Sims and Jeffries (£1) 150: u

i Ratclirte (F.S.V 25 I2D.4)

Ratcliffs (Great Bridge) 66 12141
Ratncrs (Jewellers) HOpi 45 B
Rarbeck (too) 40
Readicut Internl (in) 16 B
Reckltt Colman 282 4 6 8
Rcdfeam National Glass 143 <21 *)
Red/ffutlon 232 3 4 8
Red I and 160 9 70i ':; 1.

Red mao Hector Internl (.lOp) 48 9
Reed A 13 2 (21 : 4i
Reed Ecxecndve (IOPI 30 2
Reed Internl 2BD 2 3 4 6
Reliance Knitwear <2 Op) 25 (21/4)

Rctyon 100 <20(41
Ren old (£1 1 39 40 1
Rentskll HOP) 151
Renwick 83 i20.'4)

R cstmor 891 9 Vi

Rexmorc 18( : 9);. 13pcPf (£1) T02 (20:4)
Ricardo 486® 93®

Richards (1-Op! IB (19/41
Richardsons Westgarth ffiotfl 25': Bi :

Riley Leisure tide) 1 06. New (lOm 102 4
(21/4)

Rock Darham n-op) 13 (21141
Rodcware 74 5
Ropner 112 (2014)

Rotaprint (2 Dpi pi;

Ropner 112 (20/4). A 100 1 (21141
Rothmans Interna L B 82 h 3 >; 4 >i
Rotoric (lOp) 53 (21/4>

Rpwllnson CoStruCtlon <10p) 40 rZO/4)

R own tree Mackintosh 15 Dp) 166 B 70
Rowton Holds 134 >21 14]

Royal Worcester 177 B2
Ruberold 138>: 9 40 >;

Rugby Portland Cement 87 *; B i;

Russell (Afexander) (TOP) 134 (16(4)

Ryan (L.I Hldgs. i5p) 14 5

49 (20/4)

srora Hhto. flow 18 b. New Ord.

nOo) iTn«uL-23.'4»a 111;

Stylo 105 t 10 2 9 _ ' '

Saonair (Francis) SHldgs.) CTfln) ft 4^

Somrie ClotbM asm 40 (2114).

Sunbeam Wotsey (Ir£(L251 Z1 _ -.
Sunlight Sendee- Group C1QP) 10®

Supra G«UP HOD) 44 5
Sow electrical (Sp) S2 3. Dfd. Ord.
(SOI 41® -*|4®

(So) 41® '»®. 9tdK Cnv.Sub.Ln. SOU

Sykes i Henry I
Syltone 163® 4® M B'4>
Sy mo nds Eng, (5 p> 9*j

JSrja, (MW- 1SB

laNL ftcml Og Ht if ZS 4 EM --
London A MaocbRWr Gro. M bmi
LOOOO ti Untied I By. 1®S 7 6
Mwah A m/cl«obm 20 .

MUHC HWga. u On Mitt

Puarl AkBMknoo <5p) JM II (IF

PlkWUs Mvataare 32® B » -

Prudential 241 2 14 S 6 '

MntMfWhNtlSa) 221

Royal Insunaca 328 9 30 -1.Z.-3 S 0

c^xart WrifKoq HMgs, C2DM ZST A
• 60 Jt

Sim AlBxney.- A London tcMreoce (tt)

794 6 6 600 2

Swi UN Ammo no* Society (Sp) 3 TB S 20

WM Faber 463 6 S 70

, M0rih KMTOiril NWHf ** * 1 '1

! riaogfcafgn ylOotOfS *- * « * r

J K« Tymrlac 4M * *_» 1*1

i tDT : s-

■ ~ nen n>ii? iCA.7

1M1) ni oNi
“hMW. («A6JO‘

1 Copper Mia** 8 (MO) 60

£ Copper lore. (SdS0-I4) l7

HINES— S«Otli African .<63)

HrraSlMENT TRUSTS (416)

tre: 1«1 3

At ^ Inv. Tit. 42 .i* n?4)

Do. Cap.

_l»)4) -, Mh( <*1) £8 1 19.4)

n*“ r *-* 4 SS*r ,> 40, ‘ 10

W

P.H. Industrials 41

Panlo IP.) and Co. (10p) 13

Paradise <B.) (lOp) SO 121 4)

Parkdale Hldgs flop) 3B (19/41

A NoJi-rto 125

Parkland- TMlie iHIdosi A 39 ii
~ I; T.I 157 '(20:4)

1— J - - K

138 (16 4).

DankS Goman on 35 >20 4)

Davenport Knitwear ,10pl 205 7 (164)
Davies Newman Hides. 72
Davis <Godlrev) Hldgs. 82
Daw Corn. 142

Dawson mini. 119: 11-64ths: 22 3 4

De La Rue 610 2 8

Dc Vene- Hotels Resfauranu 1 79 BO

Deanson (Hldgs-) (10 p) 21

□ebenhams 75 6 7

Delta Group 46': 7 '; B

Dennis (James H.) HOpi 19W 201 <1541

Dentspiv 9pcUnsec.Ln. B9®

Demend Slamplng (SOp) 75 (19 4)

Derr'tron *10n) 10

□esoutier Bras. 'Hldas.) 90 <20i4)

Dew 1 George) 127 i21.4)

Dewhirst il. J.J iHlajs.) IIOp) 95
Dew hum Dent i20o) 8
Diamond Stylus (IOpi 13 l20.4>

pickle (James) 20 (21 41

a_H 0 pi 241 3 5 QT4)

Diploma ... _

Dixon 1 David) 104 119 4)

Dixons Photographic UOp) 172 3 5

Dixor-5trand iSpi 23

Dobson Park Ind. UOni 85 'i 6

Dam Hldgs HOpi 68 (214i

Darada Hldgs 33 6

Douglas (Robert M.) 5 861 Z

Dow Chemical <S250> 1 2':

□owdlng and Mil8 IIOp) 33>;
Downlcbrae Hldgs. (IOpi 16 7 8
Downs Surgical MOpi 23': 4h
Dowry Gp. (50P) 116 7 ': 8 9 20 1
Drake and Scull Hldgs. 57
Dreamland Elec. Appliances iIOp) 16': 7
Dohlllcr .So) 72 3 4 5
Ductile Steels 113

Dufay Bltumastlc HOpi 45 ’« 6 7 i;

Duncan /Walter) and Goodrlcke i£H 430
(21 4i

Dunodlan (20 pi 64 5
Dun III 1 1 Hldgs. Horn 240 T2D41
Dunlop Hldgs. (50pj 72 !■ 3':4 S I; 6
7 B

Duple Ini. 49
Du port iSpi 111;

Dyson (J. and J.) NV A 80

E — F

EIS Gp. 11B

E.R.F. (Hldgs.) 48

Early's of Whltncv >T0ol 27 30

East Lancs. Paper Gp. 51 i;:« I'm:®

East Midland Allied Press 95 121 4i. A
iLim.Vi 93 4 5

Eastern Produce rHIdgs.i (SOpi 81 2
Edbro 1 Hldgs I 10B '21.41
E'bjr Ind. iSOpi 75 <20 4)

Elbiel HOpi 17 B

EICCO Hldgs. non) 71 2 (20 4i

£ Lc t roco in ponenD flap] 16a 3

Electronic Machine 2B0

Electronic Rentals Group B5 6 7 8

Ellenraad Mill 9 1-1 (19:*)

Elliott IB.i B 2

EHis Everard 132 (20/4>

Ellis Galas) cm (Hlagsi f iSoi 22 U
ElMrick-Hanoer (5n) 8 9

Emess L.gni.ng 114 I20'4)

Emhsrt Wts 10 Sub for Com 5tk 6 i<
(16 41

Emolrc Stores (Bradford) 102 >i 3 4 5

6 7; 8 9 10 1/

Emray (So) B ( 211*1

Energy 5 ctvkh Electronics • JiDo) 2B>;

England ij. E.) Sons (Wellington) (SP)
30 119 41

English Owl* Clays ISO 1 2 3 4 5
Epicure Hldgs iSoi SO'; 1 ':

Erllh 77 (Z0'4>

Esocranza Inti Semen ( 12 '?pi '30
Eura-rotus Pulp Mills 240 ri®4)

European Fames 72 ': 3 * *:

Eurolhcrm Inlcrnalionaf (10 p> 300

7

Eva Iniiuciria* 22
Evcred Hldgs 20
Evade Hldas I 20 o> 97 9
Evcjl.bnr Jrwellary (5P) 6': <21. ‘41
Expanded Metal 63
ExCI Group 27S 7 (21/41

3 5

F.M C 48 *

Fa.rclpugh Construction Group 150®
Fair Pale Tesllfcs >5pl 1S< : 1204).

N-VIB f5P) 111; ( 2C 4)

Fairvlew Estates /SOpf 1 OB I; B

13 5

i| 9

British Home Stores 154 5 6 '* 7 8-
9pcLn 1161* 7 B

Farmer (5. W.i Group 146 (£1.4)

Farnell Elrslronlcs i£pi 1(12 S 5
Fashion General fnvc/tmcnl (5pt 21)0
Feb Inlernar.enaf (IOd) 102 (1614). A
fN.Vigi HOpi 60 2 3
Fecdes Agricultural Industries (lOp) 3f®
Femvcr (J. H.) A Co. 150 3
Ferguson Industrial Hldgs 91
Ferranti fSOo) 6BSP 90 2 3
Ferry Pickering Group flOo) 76
Fidelity Radio (IOoi 6 To 2 3 4 6
Fife Indmar 110 (21'4)

Fine Art Dwloomonts (50) 43
Flnlan (John) MOo) 134 (Zl/4)

Finlay (Jamesl 85 90

F.nlav Packaging Opr 29 39 (20/4)

Firm.n A 5ons 74 (184)

First Castle Electronics (10P) 56 (21-'4).

New Ord MOP' 55 S T II
Firth 1G M.) (Hldgs) HOoi 170
F/Sher (Albert) Group C5 r) 38 New
Ord (So) 17 9 (2114)

Flsons (£11 305o 10 1 2 3 S 7 8 9
Fitch Loreli fZOol 75 6 7
Frfawlton (IREQ.2S) IE0.3T
Fleet Hldgs I20pi 21 ':p 2
Fincher Challenge IINQ.SO) 82®
Flexello Castors A wnoefs 41 (16.4)
Flighi Reluellmg rHIcosl 25T 60
Ftbel International OOpJ 18
FOUirtv (E.) A Co. <300l S2'l 4 5
Folkcs (John) Hrfo (5o) 14': (21'4). Non.
V. Ord <5 p> 12'j 3 f21'4)

Footwear Industry Investments 74#

Ford (Martin) flOo) 23'/ '» f ^
Formmstcr <10pt 109'; I0's (20 -4/
Forward Technology Industrie* 330
Fosece MKison 206 7 9. flUpc2ndPrfi 121
lOocLn. 113

Foster Bros Clothing CO. 60 1
Folherg.ll A Harvey 119 (ZD4)

Francis lnduwr.es 67 9 _ ,

Francis Pnrtier (100) 19 .20. 7*aBCLn.

63 IZtiAl
Freemans 1 32

French K ver Hldgs 102 S-t ..

Fned4nd Dopgart Group 92 3 (21 4)
Future Hldgs 98

G— H

GB Parers 201 j
GEI fntnl. (ZOol

Do) 72 4

A.

ICL 52 1 - 3 4 5 6
I DC (20p) 90®

IMI 56 >.- 9
Ibsiotk johnsen 71
Uiingwovrh. Morns s20pi 22'a 3 ( 1 .

Non.V. (20p) 16
Imperial Lnemicai Indus. (£1i 317 6 9 20
1 23456789 30
Imperial Gro. 96 '• 7 >: 8 ■: 9. BpcLn.

I MM NPV 600" 15~25 30
ingall Indus. tiOni 47 (21/4)

Ingram (Harold) HOp) 17 (21 4i
Initial 264 5

Inter-City Investment Grp. (20o) 48>a SO

!• 1 Ij

Inicrmreional ^ Bos. Mach. Corp. Cap.
Inti ' "

ter national Paint 222

liger national Stand. Electr. Corp. 5i;pctn.

Internarimial Thomson Organisation 28 2
3 5 7 9

International Timber 79 BO 1

j.B. Kings, hop) 14*

Jackson >J. and H. B.1 (So) 52': 3'i
Jacksons Boarnc End 1458
James (Maurice* Indus. (IOoi 24 '1 5 'a
Jamesons Chocolates nop) 51
JarviS ij.l 290 300 121,4)

J cavoni Eng. 56 i21I4i
enk* and Cattail 35 6
jerame iS.) 77 i21 4i
Jessups 31 (20,4)

Johnson and Firth Brown ll.OSpcPf.
(£1) 771;

J onn.cn Grp. Cleaners 197 B

Johnson. Matthey (£1) 257 8 62 ,

Jones (Edward) Grp. cl Op) 15. 15pcLn.

Jones (Ernest) (Jewellers) 1 IO 0 ) 88
Jones. Stroud 95 (2114) _

Jouroan 1 Thomas' iiOpi 70 (16.4)

Kalamazoo (I0o> 44 6
Kean Scon 30 FI 9- 4)

Kelsey Inds. 160 (164)

Kennedy smale (IOpi 137 41641
Kenning Motor 59'i 60
Kent IM. P.i HOP) 66 9
Kershaw <A.i Sons Gp) 282 (164)
Kitchen (Robcrti Taylor <IOp) >118 20

<»ii*l

Klucn-E-Ze 46
Kode Intnl. 272 5 8
Kureaal (Mt£0.25) 100
Kwlk-FIt 41 Op) 49
'Kwik Save (IOO) 248 50 2

L — M

LCP 5S Z

LRC mini, now 49(| 60

LWT A 136 42)

LadBroke .lop) 156 7 B 9 60 1. Warrants
114 'j 5

Ladies Pride Outerwear CZOpi 43
Lalng rjphn) 76. A 76 8 9
Laird 121 2 3
Lake Elliot 50 1 2 3 4
Lambert Howortn OOp) 61
Lamont <10 p> 16'* ** 7 h
Lanca (20p) 33

Lancaster iO. M.i C5PI 27 C20 4)

Lane rPevqy) ClOo) 45 6 a 0,4)

LaPorte Inds. #50p) 146 7 6 9 50
Lawrence (Walter) 167 8
Lawlex 34 6 «164)

Lead Inds. (SOp) 176 B
Lm Ref rig. 230
Lee (Arthur) Sons f12':p> IS
Lee Cooper 1*1 7 a
Leech (William) C2Do> 94 5 8
Leeds District Dvers 81
Lees (John J.i (IOpi 46 8
Leigh interests »5n) 92 * 5 6
Lennon-, HOP) 51 '« 2
Lep Grp (10P> 340 <21f4)

Lesnev Prods. (5 d) 16 7. Rest. Vtg- C5p)

11

Lex Svci. 108 0
Lerfand Pmnt waUpaoer 38 >: 9
Lev's Foundries Engineering 14i; 5
LtlleshJll ODo) 331- (21/4)

Ulley (F. J. C.) 151. New fNK Pd-
7 S. 82) 31 2 3 4 S ': 6
Lincrott Kllaour Group (10o> 89 ij
Llnfood IBS 4 5 6 7. 1 2PCLn 1988-90

1(41;

Link House PuMleaHons <20p1 241:0

Unread 23 BpcLn 1987-92 47 719141
Lister 29 (21(41

LiverncGi Dad* Post Echo (SM 143
121/4)

Llovd (F. H.I 33

Locker (Thomas) (Hldgs) CSp) 13»;. A
N-Vig (So) 12

London Liverpool fruit OOp) 45 6
London Northern 491? 50 ';

London Brick BB'i 9 «i 90. 14ncLn

1984 LIB 1

Long Hxntbly (I On) G
Longion Industrial Hldqs 41 (21(41
Lonrho 6B 9 701 70 I; 1

Lonsdale Universal 65 7
Lookers 49 <21141
LoveII (Y. J.i fHIdari 164. New 153
Lew Bcmar (50o) 108 9 10
Low (Wm 1 (20b) 186. New (Nil Fa-
ll'S 82) 38 9 40 2
Lnwo (Robert H.I SS
Lucas Indus' rlvs 'Ll) 185 G 7
Lyles iS.J (2 Dnl 76>: 7 B (21/4)

MFi Furniture Group (IOPI G5 ■<:

6) 5 Met 7 8

M.K. Electric Grouo MB 300 3

M.L. H Idas 273

M.Y Dan (JODI 27

Macarthys Pnarmaceuileiiis flZOn) 156

McCorouodaie (50 pi 163 6

Mac aria nr Grp. rClinsmani 87

Mackav (Hugs) 50

McKechnie Bros. 103 4 S. lOocLn 100
Macpherson (Conildl 81 2
Magnet Southern 164 '5 8 7 6
Magnolia Grp. (Mouldings) (lOo) 61
<19,41

Makin rj. j.) T56/a .

Maragement Agency Muik FI Ob) 1.14
(21/4)

Manganese Bronte 25 .

Manor Nar Gro. Mgtors Goo) 0*1 10.

lZDCLn £53
Marchwlcl 121 2

Marks and Spencer 161 2 b 3 >2 4 5
Mariev 43 ■? 4 h <5
Marling Inds. (IOPI 341,

Marshall (Thomas) (Lesley) 46 (20(4). Do.

a 45 6 a

Marshalls Halifax 9S (Zi/4)

Marshall's Universal 76- 7'wPf. 76 (2014)

Martin r Albert) megs, [zap] 30'j

Martin-Slack 31

Martin The Newsagent 313

Manonalr Intnl. (20P) 227 B

Matthews IBernardt 95 102

Mav and Hassell 62

Meat Trade Suppliers 85 90 (20:4)

M com I ruler (IQp) 57 (16/4)

MMOiH Hldgs. (Sp) 10 ISOM)

Mcllins 11 GD.'4l
Melody Milts 13

Mermee (Memory and Elec. Comps.) ClOp)
266 7 8 70

Menzles (John) (WHgs. 748 SO
Metal Box 1-54 5 6 7 6 9 60

Metal Closures 124 S
Meialnw Gro. <Bp) 45 .

Metamet Jenpijo*! 15'> CZI.'d)

Mel toy 10 <20/4). Did. 7®

Meyer oaonUgue a.J 60 1 2
Midland Industrie) >5pl BO 1 (16/4)
Miller rF.) (TmiBles) 96
Miller i5 tin ley) HOP) 13 Gli'4)
MHIcra Lcoore Shops OHM) 9ZJ* 8®

Pirihn o

Paterson Jenks 84

P & n a ^o'^?2i ,0 5 B, 6 , ? S UTW ' A
Paul* Whites 209 1012
Pearce iC. H.) 10L C 19/41

KS ») !J1 2 31 «

Esunruw ,,,s 2

Pe9ler- Hitters ) vt 205 6 8 10

Pennine Commercial Hfdgs nop) bi 2 7U

Pentland Inds 110a) 69i)

SSBiBas. V* D,d ‘ 20b> 14 ,21 4i *

Perklnflmer 4pcUnsean 165 <20/41
Perry (Haraidi Motors 99 100
Petbow Hldgs mop) 56 120/*)

Peters Stores IIOp) 68

Petroeon Gro (1 2 <sf>i 75

Phjeom (lOm 22. One C£1i 73

Ph ps Finance 5 'jpcLh SDir 1

Phillips Lamps Hldgs <NtTI10'. 532 6 40

Phillips Patents 25
Phcemx Timber 76 8
Photax ‘London) 61 5

<10b> 3 »0:41. a Non-

vtg it Dpi 2 '4

Pjj.c o Hld BS_(20p; _1 BB 72. A iZOd) 170 2
Pllklngton Bros (£11 24B 50 2 3 5
Pirtard Grp 62 (20 4)

Plastic Constructions OOP) 29 tl9’4>

E!ji&.Gl°) J l 7 4S “ ° Td ShS ,5 °'

Pleasurama <5pt 220 2. Do New (So:
_Z15 (21 '4}

Plessey iSDpI 363 5789 70 123
Porhln's 210 t21 4) * J

Polly Peck (Hid os. 1 (5o) 340 7
Portals 500 5 8
Porter Chadhum (20pi 36 <21 4)

Portland Hldgs. (TNZO.SOi 16
Porismn'rth «"6 Sunderland Newspapers

Porealr S':

Powell DuHrvn (50P> 222 4 S 6 B
Pratt <F.i S3 7
P reedy 'Alfred) 62
press Tools hop) 29 ro ll

S U Stores rtZ'zo) 12 (21/41
SGB 180 2 4
Saga Holidays <20n) 152

Salnsbury U.» 698 600 1 5 8 9 10
51 George's (IOpi 115. New (IOpi 115

Sale THncv 206 I; (19/4)

Samuel |H.) 215. A 109 (21/4)

Sandhurst Marketing (IOPI 64 6 (21/41

lavifie* Gordon CJ.f (1 Dp) 49

Savov Hotel A (1 OP) 192 4 <21 f4L B (Sp)
17 (21141

Scapa 138*; 121/4)

Sdiiambcrecr Bill M2

5c holes 1 George H.) 305 8 12 (T9I4)

Scotcros B3 (20(41

Scott Robertson 21 <19f4»

Scott (David I nop) 221:

Scottish Agricultural Industries IBB 90

Scottish, English European Textiles OOP)

Sottish Heritable Treat 33 »;

ifs "iwsas: n- vig a *< 1 on) 82

Scars Hldgs 82 *■ 3 1 ':

Sccurieer Group 140. A (N-v«.l 125
31 (21/41. New A (N-Vtp) 125®
Security Centres Hldgs (1 Cp> 156 B 9 60
. 2 New OOP) 135 (I9.4) -

Security Services 167®. A tN-vtg) 1S5
New A (N-Vfg) 12
Sckcrs lute matt oml IIOP] 20 1
SeUnccun <5o) 12U *- ». 3
Samar Engineering Group (IOpi 29>: 6

Press rwilllami Gp. (IOoi 65 6
Prcssac Hldgs. (lOp) 23

Sham* Ware (20p) 135 7
Sharpe FVsher 37 8 9 <21
Sharpe (Charles! (£!' 475 BO 121/4)

Shaw Marvin (IOoi 16 7 t. New (IOoi
14'; 5 <20i4)

Shaw Caroats (TOP) 13 4
Shaw (Francis) (20n) B (70(4)

Sheffield Brick Group *i (2C.'4)

Sheffield Refreshment Houses 73 (21/4)
Shileh Snmners 170
s.dlaw Group (50 d) 145 7
Siebe Gorman KMgs 170
Silrntmgh: Hfdgs HOP) 120 1 2
Silkclnc Lubricants 1B5®

Silvertnorne Group (lOo) 34 (20141
Simon Engineer! no 360 4 5
Simpson (S.l 79 (194)

Single Grouo OOP) 36 7. 15peLn 1984
1B7 KD'4!

Sirdar. 12B M 2 3

600 Group 2

IK«nshiw 2 ( e R.) (KiHtwear) (I0p) 26
Smart fj.l (Contractors! HOoi 5*

Smith Nephew Assoc. Cos. <-10o) 116

B 13 9 *; 20

Eight schemes vie

for Thames site

BY COUN AMERY

THE ARCHITECTURAL com-
petition for the 12 acres of
London riverside land at Vaux-
hall has produced a short list
of eisht schemes hy British
architects to replace the
rejected "Green Giant” pro-
posals.

Mr Michael Hesdtine. Secre-
tary of State for the Environ-
ment. has offered to speed up
the olanniDg process by asking
Parliament to approve a Special
Development Order if a design
of sufficient architectural merit
wins the competition. •

It is a crucial site for the
London towns cap? and from 128
entries the assessors have
selected a ranse of schemes that
attempt to compromise the high
density requirements of . the
brief with the need for archi-
tectural distinction.

The brief demands more than
lm sq ft of offices with housing,
shopping and some leisure and
social buildings as peripheral
additions.

An inevitable result of the
high density. £90in brief has
been that offices predominate in
all the schemes. The refusal

by Lambeth Council to appoint
an assessor has removed any
particularly local quality from
the scheme.

Architecturally, the range of
solutions is wide. T^iere are
" high-4 ech " towers and even
classical revival pavilions. Ail
the solutions represent an
advance on the rejected scheme.

A winner wfll be chosen by
Arunbridge on May 12 and it
will be interesting on discover
whether it is posable for archi-
tecture worthy of the site to be
produced from a strongly com-
mercial brief.

It is a test case for architects
who have to convince the public
and developers that it is worth
holding competitions to raise
environmental standards.

It is hard to see from the
exhibited proposals any signifi-
cant architectural breakthrough
and ananymity prevents the dis-
closure of the names of any of
the shortlisted designers. The
promoters of the competition
say that only two of the entries
are by large commercial
practices.

T— U-V

JtaBBT IBV. MW 41
AJJgwcr Twl 28* 7. . .

AMftiod 6* . .

Axabros* Irv. TR. S3 OW4>.

15 6 (*1«)

AlMrtcm Tx. 62. Do. B SB nW4)

-Anoio American SkbtKXk 130
AmriB-IdturiM. Fnv. Ttt. 42*z. Da Amt

2M.f2Dj4)

A moto sc ottaa In*. T«*. 63 «rft .. __ „

A nJrf rortei Imoc.- Trow Cm. <50n) 57

MMi'lfftib Trust 161 (21/4)

Ban Md-ate. Hep. inv. Trbri
nop) BO <20,4 L V/tf. M sab. 14- 121.4)

AfgMffte-AjHM T r«tt'.»7 *. ■ ••

Simile a Hard Japan Trot 74 ( 2 GM).

_ War. t o cab. 29
B*AkwJ Invest. Trust 85 (ZO/4)

■Bte-* trr ***»«*"* t ™«

Aracrkan- aotf On. Tost Mu'
grttJst! Assets Trim 97-i ■ 8 Ij 9 *!

fsu ^ Gon .' r ™* ,5p>

BriHM Inoos*. and General lonnt Trust
_ffiPtFf . -.134 -<20/41 - -

OrttWh -invest. Trim 184. 5. -

■rooffwoii e lav . Trust uo D ) igs a (21 4) I LfigOftg

Cai^So "iM'QrZ 1 * Sees. 3 U (l 9 / 4 » j Myimle CowM M-ura 101 « 13 OO'*:

* “ 1 *2 ^2 '■ .wai oho go

cS.r imu. 1 * 1 New G?m .witwarereranu Arms m.

•SffiS

.ifiamiM .
mo-g9)6i» •

IC* (K0-2S) 346

OWOBISI^^

Minos

JoHuMburp ConsTlort. (R!) Ul't t2fl'4i

J KSS^K» <R (M1*ni £ 1 2 ’ I H9!4S

. £12'j itO‘4;

1 BB

o ***se? < s«ai'*v*

TACE Ltd. (ISO) 16 7 (20/81

TSL Theroial ivnuoti 101,3 C2li«)

tsw — T clcvrslon sooth West HMss <Sw

Tsiaex Grouo Up) 4(2114)

Tsrmae rSOui *84 6 7 90

Tale Lyle LCD 2B6 7 B 1®. ISpcCnv.

UnS.Ln. 1994-99 95 (21.4)

Tate oi Leeds 66
Taylor Woodrow 500 S 10 S
Taealcmll 31 F2T.'4) '- - -

TcletuSMa CSp) 51. A (Nan-VtB.l (Sp)

as®

Tdcohone Rwtsls 331 3
Tenncco Ik. 10ariU(i.ll Cm An- 1991-
1995 9ft 121/4)

Tcm-Consutatt 34 416/4)

Tesco Stores (HldpsJ <5p) 89ti « k 1

Taw Abrasives Clop) 44 (Z1l«i
Textured Jersey OlOn) 64 (2014)

Toe Dims 1 Veneer <Sp) 6

Ttuunas ' NaUoowM* Transport CM.

ThorosoD TJ_lne

THORN EMI 425 6 7 30 1 2. 7ncCnv.

Red 2ndZun.pt. (1992-99) «1) 117
Thoroe (T w.) nop) 122 naiA)
Tnurgar Barde* <10ot 12 C2T4)

Tilbury Group <£1) 390 2 4 8 400
Tiinnp Thomas! QOp) 141 2 3 4 S.

New 1 35 <21 41
Time Prods. (IOp) 39 36
ntapbor Tute Factory 29 C16-41

Tomkins tf H.) tSo) 18 >: CZA'A)
- ' lft'4)

Tomkinson* 57 n 9.-4)

Tools/ Group 37Jj B fc 9
TootMII <*. WJ 70
Toshiba Coro. lYSO) 67 9
Toys Co 35 <21.4)

Taxer Kemslcy MlUbourn (Hldas) (Z0o> 74
/■: 3i S S 4 '

Trafalgar House 120'; 1 's 2 4
Traitor* Carpets (Hldgs* 22
Transcanada FipeUnes 23 U
Transparent Paoer 24 __ , . .

Transport Dev el o p m e nt Grouo 72 *2 3 -s
4 1;

Trjnwood Grouo (5p) 74*

Travis Arnold 1-7Q

Trent Hldgs HOp) 34

Trtdent Television A (IOd) BB '*9 >r

90 is

TrictoS 46 8 PM)
Triplex Foundries Gi

rouo 2d

T nuthouse Fnrw 124 5 8 7 6 J .

Tube I nvs (£1) 140 1 £ 3 4 6. iwU.
B7>; tZOia)

?S *° 1 * 3

Tvsons (Contractors! (10P! 30 2
Tyaack tw. A.! (IOp) 20

oK* Gro” - 74 l I»: <s Ui 3 ** i 7

UKQ Intnl. 44
U.U. Textiles. 16

Un^ r te T M 7 8 9 90 S. 6i-DCLP 75 f264!

asaffiKiWAW.* V

Utd. Biscuits (Hides.) 119 20 1 2

Utd. Eng. Inds. (IOp) 250

lird. Gas Inds- 80

Utd. Guarantee (Hldas.) CSp! 21 i>.

Utd- Newspapers 145
Utd. PareeH <i0o! tsars®

Utd. Scientific Hldas. 122 3 1. . .

Utd. Soring and Steel Gro. (top) IB »;
(2014)

Utd. Wire Grp- 90

Umon (El Seas 30 (16 4). A 24 ri6.4)

Valor 56 7 9 60. S'.PCFI. (£1) 61
Vaotopa Grp. <20p) 130
Vectis stone Gro. (IOp) 31 (21 Ml
Vickers tS.1) 157 B 9 60 1. NU.M. (Cl)
12 4 5 6 7 8

Victor Products iWalhumd) 138
Viurs »1p» 3 »21/«)

Vtnten Gro. (20P) 250 2 4 5 6 8
VosBer 143 8

w— Y— 2

Hldgs. hop) 11>i

Waddhigton (John) IOO .
Wade, Potteries rt Op) 34 3

Wadkm (SOU) 7 B, ,

Wagon Indus. Hldgs. 72 <M'4»
Witter and Homer Gro. (So) 5

Walker tC. and WJ Hldqs. 121014)
WaOtor ^amesi Golds mi th and Sllvcrsml

53 (21 M). Non.V. 49 _

Walker (Thomasi (Bpi TO's.1 **

Ward and GoMstoae^l 06 S
Ward^HIdss. (IOP) 48 9 SO. Old. (IOp) 39

WarVtThoi. W.) 244 (19'4)

Wan) White Grp. 59 60
Waring and G/ltew iHMgs.) 100
Warrington (Tboma*) Sons 92 3 (21:4)
wassail fj. w.) (5 p) 3®fl€U»

Wjtcrfoid Glass ilr£0.05i 17 1 1(9
Watmouptis (Hides.) 170 2
w«aon and Phino hod» 55
Watson ,R. Kchdn) (IOpi 68 (19M)

Watts. Stake. Bcarnc and Co. 166 9
Wearwell <5p) 57 8 9
Wcbsters GTO. CSPl 44 5
wedwood 79': 80
Weeks Associates iIOp) 11
Weir 5* 'a S. '?

WeOco <5ol 17 i. ij
Wrttan»n Enpfneertm) 41
Wert Bromwich Soring C)Op) )0 (19/4)
Western Board MHfi rtOn 162
Western Motor 55. A NV 30®

Western SHeet.on Development CKM 3tT:

9 40

Westland IOO 1 3
WhatHngs 32®

Wharraan Reeve Angef 243

Wheeler's Restaurants (IOoi 370 66 (21/4)

Wheuae 84 5

Wheway Wntscn ClOn) 7®

WMtecroft 67

WMttlRBham CW.) (12)30) 1'50 2 (2014)
Wholesale Fittings CUhw 215
Wlgfatl IM (21/4)

Wiggins 92 3

Wilkes. 52

W)lkMts Mitchell 22

Wilkinson Warburten 66 (2l,’4i

WMIIams James 7® <2-1:4)

Wlfkams U.' 20 (21/4)

Wills /G.i 120 ®

Wilson tC.) IB* 6
Whnocy (G.) 106 7 8
Wire Phtstic (IOp) 41
Wodelev-Huphes 777 80
Wolstcmolme Rtnk 120 4T8;4i
Woacmead 3* Qi/4)

Wood house RHcsor. H2i;p) 19 20 G21M)
23 6

Woodward (H.i oa'rol

Wool worth iF. W.I 46lj 6 if 7 J,
Worms Ms Walker Atldnson 8 Q1I4>
Wratt (W.) (5ol 7 tl6.'*i

City Industrial to pay £lm
for Agricultural Hall

Xerox Coro mi 22': (16/4)

Yarrow f50w 300 *19/4)

York Trailer (10e) 17 i t 8 ij 9 20
Yorks. Chems. 42. 12':KUns.Ln. 97 'a
(20/4) r

Yorks. Fine Woollen Spinners CZOpi 23 4(i

Youohai Carpets i|£0^9i 4 G
Young Hldgs. 27

Zotteni Gp. rsp) 79 C20,'4i

FINANCIAL TRUSTS <179)

Altfcen Hume ISO (2114). lOncUiu-Ln. 96 h
7 (1BI4)

A kro yd. Smith era 190 2 4 -5
Anpio-A/rican Fin. <7':ni 26 ft 8(4)

Armour Trsl. (IOp) 14 'i

Australian Agricultural iASOJO) 128 <21/4}

Authority Invs. (ZOp) 65 (2014)

Boustead (lOo) 61 3 4 5

Bridgewater Estates (SOp) 400 3 B TO .

Britannia Arrow HWga. 40 ta 1 tt. . Wts.

(21 141

Dally Mail Gen. Tret. <50 d) 413. A.Non.V

i90p) aio

East Scot- Onshore 53
Elders 1XL i£Al] 197®

.901

BY BELINDA NENK

THE Royal Agriculiural Hail in
Islington, London, is lo be sold
to City Industrial, a shopfitling
company, for £lm.

The historic main hall. will
be converted into an interior
design trade centre, believed lo
be the first of its kind in the
country: The rest of the building
will be pulled down to make way
for offices and 30 residential
housing units for which plan-
ning permission has been
granted.

Islington Council bought the
hall, built in 1862, for about
£1.3m, in 197%. It has since cost
ratepayers about Elm in in-
terest charges and wages.

Mr David Hyams, Chairman of
Islington Council’s Planning
Committee, said: “We feel
quite happy that City Industrial
is buying it It is part of a
whole refurbishment of the
Angel which is taking place now,
and I am just glad to see the
thing back in use."

Mr .Tack Morris, property
director of City Industrial, said
yesterday: "It will take us one
and a naif years to build the

trade centre, and we are already
talking to interested parties. All
sorts of people in interior
decorating will have permanent
exhibition stands to sell to the
trade, with delivery from their
warehouses.

"We have taken the idea
from trade centres in the U.S.,
especially Los Angeles."

The Greater London Council
has given its final approval to
the scheme which now awaits
permission from the Secretary
of State for the Environment

Independent radio

for Buckinghamshire

A NEW company— the Ayles-
bury Broadcasting Company ' —
has been formed following the
recent Independent Broadcast-
ing Authority decision to sot up
an independent local radio
station for Buckinghamshire,
based in Aylesbury.

The company will bid for the
franchise to run - the station.
Invations to do so are expected
soon.

Erikirp House Invrat 36
Ex-LwiN HOP) 11
Exco lot. 191 Z 3 5 7
Exploration (Sp) 30 <21.4)

FC Enterprise (IOp) 16*

Finance Induvtnal iIOp) 23 (1841

First Charloite Assets (Sp) lc- 1 -

First National Finance Coro- (IOpi 37':

8 I. '»

First National Securities 12';pcLn. 137
8 <21 4)

C-M*) Durrani Murray (So) 36 7 ai.a)

Gresham Invest 05

Hambro 117

Hampton <5p) 22 (21,4)

I nr heap* (Ell 303 5 7 8
IrO-Deopent Invest. 129 32
Investment Co. 27 <?luav
KeltaA (So! 20 119-41
Kwahu HOP) 1 7'y
L lords Scottish (20p)- 175 (164)

London A £5 or. (IOp) B'j

London ScotH* FmafCC flop) AZtt 4

MG. Gro- 300 2

Maroon Finance a On) 51

Merlin (R.P.) (So) 300 5

Mercantile House 395 B 400 5

Mexico Fund <51! 2.35 (20,4)

Ml Hi Allen HH. 585 7 16
Moorgatr Mercantile flOo) 18 <2 ISA)
Murray Technology 61 416M1

Newmarket Co. <1981) >10.091 248
Pararobe HOP) 18 t2H4)

Fark Place nv (10 b> 94 S 6t (lB/4i

Precious Metals 77 8
Provident Financial Gro 128 30
51 me Darby Bertiad <SM0.50) 58 tt
Smith Bros 40 .

Sri ri Ing- Credit Grp ilolft u tt
Stewart Enter prise «0p1 30®. Wrnti mb

,8 9(191*1

Umtu Computer Tech Hldgs i&Op ) 76
(2 1 '41. Wrnu sub 30t®

Van niemen'i Land A 46 7-S

Waoon Finance 42

Wei beck Inv mobi s* 8 '

Yoricgrecn inv rioprt. 1 1 <zor«)

Yule Catw >10 p) u«

INSURANCE (368)'

Alexander Alexander services (11) iftli
1-1 9141. -I locsuh debs £50 1 a 1
Brentroll Heard (HIms) UOp) 28 9 '
Britannic ASS i5ol 267® 266 9 70
Commercial Umon AM 128 9 30 1 2 3
Eagle 5tar Hldas 367 8 9 70 1 2
Edinburgh Gen Ins Serv HOP) 12
Eaultv Law Life -Ass tftp) 402 3 -4
Gen AM Fire Life 396 7 6 9 300 2
Guardian Royal Exchange Assurance 284
6 6 '

Hambro Life AsauraiKe - (So) 296 9 300

Heath K. 2.1 GtOcft 319 V
Hog® HaMRMn.Crp..lOl 5

jEl^lS*"* ““ ’"** C». j y^wraraiHl GoW laMr (R03IS!

28 'a | a $ '

1 Raw) London Coal <RO 59) 29 1

SjJfWf Trost and Agency 76

y Ttw

*nd Coition Invest- 76 ' -
C ty of ttriort) Invest. Trust 104 (2)4)

continental and indusma) frost 272
Crescen t Jap an <sop) 261®

Danae Invest. 38

Delta 162 4 ( 2 1J4) -- -

(Tfc» ,E1 * 244 01 * (SOpi 321

OoojraoM I General 264 6 7»i B (21/4)

□ rarton Commercial 149
Drayton Coniodoxrca 1S7
Drayton Far Eastern 58

Dwitiee Lomob 92 (21/ai
EdlirtJurjjh junurlcai) Assets 87 8 S

Edinburph 68 tt
ElectrSP G smuT

00,4

Eaurrv ComSt' iCl? 13S.'" DM (5 Dp) 208

iSSSSSSSfr? 0 "”*'**'? 1 **

F C Enresrust 81 (1614)

BMflS ^/4)

Ftert'^conw' American T21tt 4 S

.') 8T4-.15
I LI)JI

__ _ Ii4). fr»

l ' IRQ .SOI T* 6 119/*) ... «. . ,

( Rand London Coro. IRO IS) 62 5 7
I Rand Mines Pras- <m! 2*0
1 Randfontrin fists. Gekt MM. <RZ! H 15
J J|.

Rnstenbarp Platinum HMps. (R0.10T ITS

S* K^ena Goto M'nrs jRT l
sentrtnt Scoera iRQ.lOj *6tt iJ9.4)
Somer jack Mines iRO 02i it!

Sth. airlm Land ExMn. iflO-39) 166 2 3

Smrt£ia[ Holdloos iRO -SO) 13tt fZ1f«
SUHoaMn Gold <R0.50l 684 <2014) '

Trans-Natal Coal Coro. mojOi 360 (10/4)
UC Inves t men ts (RH 460 _

Urn set Gold WPV 4X7 55 iMd .
Vsal Reefs Eroterothm (RO-SO) £28.8
VentersooM GoU HH. 340 (21 '4/ -

Vtaktontete field <HO 70l lOT „

VogatotrotabuU Metal Kotdknos (RO-25) TOO

WfllOT Goto fflO.SO) 46ft BO 5
Western Areas Cold (Rl) 145
Western Dave Levels (R2i £13.65 %
Western Holdings (ROJSfii £19.53
W/nJcePtaaJc M roes (RD 11.56 cZii aj
Wttwatenrand NWH <RO-2S> 45
ZandpM GoM <R1 i 3360

Hedsllno IRV. 63*;

Foreign and Col. Inv. T St. BOtt 1 tt 2
Fulcrum lev. . 44':. Cap Shs. Ote) W*
Futi overt 40. Cao. Shs. 117
fi. T. GlotaU Rcc. luv. W. 11)73
p^T. Japan lav, Tit. 2*3. B'zPcCav.Uas.

Gen: and Com. Inv. Tst 250 252 3
General Cons. lin. Tst.121 <20/4!
General Fonda lav. TO. ■ 266 (20-.*)
General Investors and Trustees 164
General scottuta Tat. 62'

General Stocki). Inv. Ttt, (Uttp) 146
(20 41

Glasgow Stockh. Tit. Tftt <1G,'4»

Globe Inv. TK. 130 40’- S’^cCnv-Una-
Ln. 107 (20/4), llttpcCnv.UniJL 112tt
(214)

Great Northern Inv. trt. 140 tt 2
Grambank Trt. 108 (16^4)

Grcontrtar Inv. 178
Gresham Hie. Eat 167 (19 4)

Group^nv, B9 (21i4). Opt. Crts. I3tt 5

Gwdtan IRV. Tst. !06tt Ttt

Hambro® Inv. Tst. 87

Hill (Philip) Inv. TsL 131 tt 2tt

Investing m Success 242 ..

Investment Tat. of Guarroey (SOp) 90
(2D 4)

Invasion Cap.. Tat. 104 5 tt

Japan Assets Tat. (10e) 18

Jersey Gen. Inv. lit: (£1) 152 tt (21.41

JpBr-A“.10.,

-Keep immstmeM Trow (So) 13u tt
Keystone Investment 200 3
Lake View investment Trust 1 34
Lancashire London Jov Tst TO P20 a)

Law Debenture COTO 77. Now 78
Led* lovestmcm Troll l«C UOp) S6c-
Cap. (Sol 57

Loosen Gan more lav Tst (50o) US
Louden Hdyrood Trust ISO (201*)

London Lennox Himtmmrt Trust 4S-:

Leotion Lomond Hwestmeot Trust TOO
London MOntrovv Investment Trust 120

OIL (823)

Anvil Petroleum dOpi 92

British- Borneo mm Svndlcxxe (TOP) 214

British Pctroteum 304 5 fi 8 9 II

Bttrmab CM l£t) 140 1 l. 2 3 tt
Centner OUs Group HOP) 90 1
CUrCerhail (SKI 45 tt 8 7 8
UiaroartKMK* FvcnKepm 76 0 60 t
Dome term NPV 440 60

Energy Capital <12 tt»> 43 8
Oobal Natoral Resources iSO.DTi 314®

Global _

Hamilton dir SB ' (10a) 92"34<2t ,<('
Hanthrp Petrol service* 180 2. New
180 (19/4), lOpcLa. 09
lPttwiai Cmt Ga* Auoc. 187 9 90 1
2 3 4 S 7 B 200. BpcLn. 81 tt 2tt
KCA Drilling Group 98 &0

KCA iwniiMil 96 7 1 ': 9 IOO

MS 6 7 8 SO

■j 2

London Scottish Marine
3458 40 245
Motet Coro (12) Tl-tt <21’4>
m Co JjWWl* I SO. 07) 39 40
Ord iC0.02> P3tt®

Premier Consoiktand OHBctd* f5®} 44 ■:

Ranger Oil NPV 310 5 20 4 S
Rpval g Dutc)i i Petrol enm iBr.) (DTD) 19 55

Sbeli Transport and Trading Co. 392 "3 4

MmP'' — ■

Tricfintrol 208 II tt 2 3 4 ».! 5/5 6
Uftiam ar 40s 7 10 1 2345678 20

FUrolrntn (Bermuda Rep.1 (HL10)

PROPERTY (296)

AD*d London Properties DDn/ as'j
Altertl London Properties 1820
Amalsninated Estates iSo) 24 << tt tt

{ Anglo Metropolitan Hldas. 70
, (Unis See dr men (5p> 31 tt
, BUton (Perevi ZO*. Acuim. 185
8 rad lord Property Tst. 182 3

j BnUtii Land 83 >i 4 • ' 1 SpcLn. 281

I Onxtoe Estate 103'. 6 7

Lontign Protinenl Tract 170 i capital and CeantiM Tsi

Lcndcn SlratHclvde Trust 70': I Ccnnwwaal ESDdrt r^Col ' T 7 J a

Le nden Atlantic Investment Trust 64 i Chest , -tftrtd Frmries 360 70

1C3

(20.41

London Investment Trust (So) 20
London Merchant ecoriues 56 7 8 . D*o
36 9 _

London PnxHmntl Investment Trust

London Trait 74>| S';. »»ttfKM> 2000-
2004 911; <2114) . .

Lowland Invest men- 90 6 (21.4)

M. and G. Dual Trust )nc 5U (10o> 223
tzi; 4). Cap b* <10P> 246 ail4)

M and G. Second Dual Trust loe 5P«
lido) 91'- tall. Cap Shs t*e) 4Stt 6

Mel drain Investment T rarer 77 (2H4! ■

Mercantile Investment Trust S4tt ;
4'ti9COb 1963 86 <:9
Mcrchams Tnitt 93tt 4
Mad Wvmt Inter Inv Trost SO S20/4)
Monks loveslrnc m Trust 66tt 9 DI4)
Montagu Boston Investment Trust (10g>
57. vm to ob «or Ord IS (21.4)
Moors id* Trust 64

Murray Caledonian Inve st ment Trust
741; Stt 6 . 8 69 .70 (16.4)

Murray Clydesdale Investment Trust
«3tt 4. 8 69 120141

Murray Gleodevon Invest Trt T34 5 (21 41
Murray Northern Invert Trt 75. 6 72

(20,41

Murray Western Invest Tst 82® 8 77

KMrr Australia Invert Trt 80
New Darien oil Tjt 70
New Throgmorton Tst 19. Cap t£1» 198
200. Warrants t£1) 22 3tt (214)

New Tokyo Invert Trt 97. Warrants 34
1928 Unrest Trt 90tt (21.'4) „

North Atlantic Secs Coron 129 (20/4)
North British Can Invert 113_

North Sea Assets (SOpi 130 <20'4)

Northern American Trt 133. SpcLn 109
Northern Securities Trt 232
OH * Assoc invert Tat 77 «2or4» . .

Ootwleh Invert Trt 62 (21 4)

Pentland Invest Trt 161. (21.4)
grr (sop) 370 1 »2
RmAum Invert Trt 158 9. 4ttpcLn 106
f16'4l

Right* and issues invert Trt Cap 57 (16 4)
River Sr Mercantile Tst 131 2
River Piste 6 Gen Invert Trt Dfd 112 3 4
Robeco Nv (F1SOT 44I-®. Sab-Shs (Rep
Nat Prav Btakl (FI51 440 2 3 5
Rollaaco Ort Sub.Sfas (Rep Net Prov Bnk)
(715) 4W (21-4)

Romocv. Tst 1T4. 4'jtacLn 105 6 (19'4)
Roicdl naom) Invert Tit 52. Cap 146
<21(41.

St Andrew Tst 1S8 tt 9 60
Sara A Prosper United Inv Trt fide) 159
(20 4). Csp (IOp) 108 <21 (4)

Scottish American Invert (SOp) 134 5 8
Scottish Mercantile A )7Bt ttt
Scottish Cities A 243 CM,4) .

Scottish Eastern 77 •» 6tt- 9
Scottish Inv Trt 127 B 9 30
Scortish Mortgaoc Tst 162 S
■Scottish National 88
Feotthh Northern Inv. 91 2 3
Sccttlih Ontario B3«

Scottish U»o Investors 48® 49 51
Second Alliance Z*1
Sees Trust of Scotland 112 4
Shires fSOo) 126 (204)

Sterling Trt »5i. 7 SncLn. 102 (214)
Stockholders 133 4

TR Australia 104: 4 i5-64thrt 5. Wts.

to Sub 40 2 <ZT4>

TR City of L onion Dfd 80 V21'4K
TR ind. General 7'.*« 73 tt 4. 4ttocOh.
141 121 r4)

TR Natural Resoarcn 1S5 _ ■

TR North America 168 9 61
TR Pacific Basin 95. . Wts. to Sub 78

TR Property 76

TR Tccnnolaov Inv. Tst. 89 90
TR Trustees Corp. 68tt
Technology lire, Tst 146 7
Temo/e Bar inv. Trt. 60 1 i- (21 4>. New
Ord. 62 (21 4). 6»cLn. 1 00
Throgmorton Secured Growth Tst 25 tt
(20/4)

Th roam orton Tst IIS'? 6
Tor Inv. Trt. 105 (19.41. Capital ififl
Traos-Ocunic Tst. 75t >m£ <21/4i
Tribune lipr. Tit. 9iu«ft
Tri olcvett income W) 62 tt. Capital
(£11 334 6

United British Securities Tst. 155 8
United states 6 Gen. Tit. Corotn. 307
49-64tlUt

United States Deb. Corp. Ill 2 3
vi kino Resources -Tst. 79 80 U.

Wr-nvet Joy. Tit. (£11 360 t)6'4i
Wert Coart & Texas Inv. Trt..(10D) 80
(20/4) •

WustOPDt lltv. Tst. 51 4 .

Wlnterbettom Energy Trt- (Spi 57 ««

Wltan Inv. gbi. 70
Yeoman Inv. Tst. 126
Yorkshire A Lancs. Inv. Tit. 29 (211 4)-
Ymuiq Comp. Inv. Trt. (£11 ISO (20 4).
Warrants 29 30tt (20'4i

64pCLn 292

Churchhurv Estates 6300-
•2141

Ctarlre NickeRs Caembs- ill tl9'«,
Comoco (2Qp1 262 (204)

Control Securltres »1Cp5 19 :

sss v iST7o T ^r-r ,,w ' w « : =

Dares Estates (IOp- ?l tt 2
Englisa Property l2peLn 90
Esetav-Tvas Preocrtv 89
Estates A*grcv 142 ( 16 am
Estates General Hmeu (Cop) 58 <20,‘41
btatvv Property inrett 146 8 (19/4)
c«t» Lfftfs W

Ewart New Northern (£1) 205 7 CG 4)

Jreteratrd Land 170 <2 1,41

Rve Oaks lov»« <5o) 22 -i (2i «)

Cre^ Portland Estates (SOpi 172 4 6 7

Otiten <R.i «ICp) 77 i25M)

Grocncoat Prcpcrtics (Spi 16tt

EfteTte I1=PI 135 6 45 2

Goridhati Property i*»

Hales Properties 118 <28.4 j
Hammerinn 600 (TI.'Al. A SSO S
Hastemere Estates «/Oo) 366 5. Rpcli*
106. 173 (21.41

Mouse Property Lend on csCo) 170 1 19:41
•Dry Property 230
Laoanvaie Estate (TOnl 25 6
Lamp Props. 18 a b 7
Lana investors 51

Land Secs. TU. 286 7 B 9 90. S'lefLn.

230 lOPCLnrSfi

Law Land (ZOol 97 .20.'4J
nop) Sfi) PrDT 5hOP CpT,t " r * tHldgs .1

SS”’’ 121 2 *■ *■ =«*■"'

MEPC 202 3 4 i- S 6 *';PCLn. 73
K c 5S r Sfcv CZOp* 12 « (21/4)
Marlborough Prop. Hfdgs. (5pi 40
Malor Erts. 55 9 Cl 64 )

Mountielgfa Grp. 74

Mountvlew Eats. I5p> 163

Municipal r prot4, 1> (50pi 870 (21141
”5(164)

N ?«0/4> ,, * h PT0W1, * ,jBcL "- 102 5;

£*«»>*» Proo. Con. 139
52*aenlx Mina, and Min. 39 40 1
Prco. and Reversionary Imnt 1 E 1
P 7kV - Ml raw *® ,:bs1 " ,,; ** W' 4 !- 9pcLn.

162 RO-4*

Property Partnerships 215 ( 2 ) Mi
Property See. Invst. Tst. (50p> ITS

Bt

10

(21.4)

5"ff , «* p rt»- IW. CIO) 9tt
Regsllan Proas. 52
Regional Proos. 154 <19(41. A 144

5^ h i* wh tf 11 35? 64 » 121/4)

Rush Tomnklns Z23 4

Samuel Properties 103 5 G

Scottish Metropolitan (20bi K T

Second City (lOo) S0»? Ii-

Slnuah Estates 129 31 2 3. SPcUns.Ln.

113 4. lODcUns-ln. 232 <19I4» ■

Spevhaw ('Opt 135
Standard Secorities New 136 (21/4)

Stock Conversion 319 20 2

T fr" c’tv 29 2 i, h I., wa u> sun. to

L19(4i. .Tocpr |£1| 154 (201*1, lore
Uns.Ln. 1041- Stt 6 (21141
Town Centre Securities 40 tt 121 ) 4 i.

Uns.L. 89 <21,41 ■

Trafford Park Estates 133 a nsiti
United Real Praocrtv 42a S (20/4»

Warner Estate Hkios loo j rigiai
.Warn ford ( 20 oi 382 7 (21/4)

Webb (Joseph) (Spi 19 (21/4)

Westminster Conntrv Proos 77
Wertorinfler (20 p> 3D tt I
Whittington Estates rSot 25 tt K

9oc

PLANTATIONS (32)

223

Abertovle Plantations (801 4';

Anglo- Indonesian 87 (fft/4)

Asum-Dooars Hides. t£ 1 i 243
A«arn Frontier Tea Hldgs. i£u
(20/41

Barlow Hldgs. (IOp) 65 6 7
Berts m Hldgs. ( 10 nl 61 2 (20'4)

Camellia Invest. < 1 Qp> 480

Cartleffeld (Klans) Rubber (10o) 380 5

• (20|41

Consondated Plantations Berhod (IMOJKn
, 48 tt. wts to Subs. >15 H6/4i
, Grand Central nop) 3 (2014 >

■ Harrisons Malaysian HOoi 156 7 tt 9 66 2
I H toil lands Lowlands Bar had (lMO.SO> VO
[ Inch Kenneth Kalang Rubber HOp) 310
Jain (£1) 143

I J lira Robber. Plantation-, (low 44 rig-41
I Kmta Keflas Robber Estates IIOp) 133
[ (16/4)

I Kuala Lumpur Kcsong Doriiad 11M11 4Hn

UNIT TRUSTS <13)

M B G American & Gen. .Fond income

72<i

M. 6 G American Recovery Fund Income

68'; >264)

*72* ® vstrataslan A Gen. Fif. Accum.

^ 20 . 4 ? Conw ‘ ,nn T* 1 - ta - Income B3tt
*52* 6 ®**4end Fd. ' Income 142ij Stt

M SIS r 5“^*. Vleltf 5? lBe Unrt » 87 tt
M tn*" d SL r *I Eareern Gen Fd Inc Units
Accum Units 129 «6|4)

- Fd Invest T« Inc Units 91-tt

114.

M end G
( 19:4 1

M and G Gen Tst Fd Inc Units 238®

M and G High Income Fd Inc Units 121 .
G Japan Gen Fd Inc Units 180

M and
(21/4)

M and &

00141

M *!SL S- F4 Inc Units 137J

A™.. G .Second Gn Trt Fd Inc Units

Magnum Fd Inc Unlu S2G

273 J1G;4r

5IINES— Ml6CeIIanemi8 (247)

AMAX (SI) 151 ,

Ate* ACM 20 1

Amal.TH) Mines Nigeria fHldosi dpi ai-
Invert Tst . (R0.50) UTh

»17

Anglo Amor
(16/4)

Asarco WV 12 130/4)

Aycr NItam Trfi Dredging rtMtl
Blskbl Tin (IQp) lft <19, -a)

Batswafu R5T <Pv2) 17
Burma Minos (Ifipi I5tt

208 10 2 3 4 7

CoRsltd Geld Fields MS 7 8 90
£ 1 Ore Minin* (xsl ClOo 60 ■0-4)
Sfffffw Tin Mins go 7 (21/4)

Globe Phocnht Gold Mining (I2tte) 4ft 50
Gold Bom Motal Mines >1 T*:p) 11 (20 4)
Gopent ConslM 430 C2I.M.I
Hamoion Gold Minins Areas llffpi iu
9 51

T'l 425 (19141'

Jantar Ety.-p) 15tt (Zli'i)'
’'IsauS)™ 1 ° w,1,,,nB

Kinta K ellw Tin Dredging 700 120/4)
MTTD (MaUQuUi (3R1116
Malaysli Mining CEM 0.-10) 85-7
Minerals Resources nai 401 33 ® 8 42 ft

Lawrie Plantation Hldsrs (fit) 33a 5 ( 21 - 4 )
London Sumatra Plantations MOo) 24%
(16'4)

Luntnra (Ccrior) Tci & Robber Ertntav
(£1 ) 185 ■

McLeod Rowel (£11 S21 7. 8 tePrt. (£1)
113 (20-41 -

Makdie investments dOvl 73 tiO>A>
Romal Tei Hldgs (£1» 395 (21,4)
Singapore Para Rubber Estates (So) 5?

Williamson Tea Hldgs (£11 233

RAILWAYS (9)'

AnuffaoaMa (Chirm A Bo! Rail Co. vg 6 Z
(194)

Canadian PartBc (CS51 13tt

Quebec Central Raolwav Co. Cep 36 (19(4)

SHIPPING (60)

British Cainmonwcalih Shippmo (50p) 400
Crtedksma Invert. 37T®

ySer fjames) 158 <204)

“ «®0 1*1) 2.55 C21/4)

Gouas-Uraon ShippHn t...

Hunting Obson 94"ui. S* 8 IOO
Isle of Man Steam Packet El) 120
Jacobs (John I.) <Z 0 oJ 34
London Overseas Fretohtera 46'-
Lrie Shipping 236®^ - "

Ot**" Traw«rt Trading 115 ft 7 20

’ P 4*S*6 J 7 ° ,H,t Ste *" °* tf al> Ul
'50b> 11J C2-l;4). A

iSttSKSLSHtf'&oi

ai - 4 >

UTILITIES (13)

A <lSr*i 0bW " Comomori' fi«» rcn M
Brasun Class A 648 < 19 ' 4 )

8 »1ft4) ClWTO * 5Wp MM 2

CrUvtta Elect. Supply ( 1 ndle t 4a « 1 ; 4 )
General Telephone- a#c. iUSJ3.3ij) 4 i 7 ^

l«swi Electric men 1 1 19.41
Manchester Ship Carol (ci) IT
fitesey Cocks Harbour Combined Unfti 2 m

MUtord Codes (£11 I'ZB
NE 6 CO Invest. 129

UNLISTED SECURITIES
‘ MABKEt (297)

V?5 fi S ” uMtY lttc - ns tt

Aurasosce Eng. 143 f

8 22

£

1

5

A

: i

§ '■
2

-

t:-.

:J -'i

!<* A

■V: I-

' : f-'*.

* ' ii
Si '
1 ?? '

Financial Times Saturday April 24 19S2

23

r.£lr Calf 265#

CBl 110B> ** ''

“I-Bula Resource* <tr£0.25) 11 7H
^■fcainw Computan (Systems) - (ION
(18.4)

CCP Nonb^SM As*. 210' 1 2 3

2'i

82

CHldtUl

Carlton R
" M'j*

> Go.

CMMta 192 5 6

Estates ' WpJ 15. On] (I0p>

Cana Go. flop) 106. Now Old. aOo) 104
*i 5 t» *j 7- J ’ji t

gysr ww**?

Orto Pet- 98 lOO'Z. Ne word. 95 100
CDMaltaatB (Computer Juut-FlnaiKlil) OOpj'

Cram shorn

Crest Inc.

710 <1H«>
12«! 3.

(SB) 2407 so:

- - .

gR

Tldrldn* Pqp* ifcl) 370 2

wiCwu^it. Hides. (lOs)

. .18 (20*4.1 . .

Equlnii tide) S3

F'cot- Letter «pl 9a s (21:41

Fiord oil Participations (lOpi 75- 6 7 8

- S« a "SL oi .« Acreage (20 d) 380 CZ.1v 4)
Good Rotation* Go. now 78 11*4)

Greenwich Cabin Com. 55

V HatUind Hides. B8t„ 7

Hardliner Props, mm 123 4 5
Harton* Gp. tip) 4 1 * 5 *i
Harvey and Thompson C20p) 39
. He raters id) 767 71

- Heelamat HMh. (IOpI 86 (19'4l
Hcsbetti Motorcycles i50o) 20 3 |20'4>
Humberside Electronic Controls UOp) 22, 3

uilCCOJi Serv. <iOp)‘ 19

"E™ai Ul * Bittiness Systems Cl On) SO 9

Intaum Lekur* I10o) 14® 5 4

B (104) hnOk * ,V Nw# ° Td- 4501
Jedtson Exploration 95
r.PSavpIsnt (5p> 6 t19'4)

jebenns Onillpa 2G3 5 (20 4)
Johnstone's Paints (IOpI 90
Rcjinedv Brookes (iDpi »M 4
Leisure Ind, Gp. New Ora. 122 m.'4i

' t 20h n C2i n *) C ° Trt " Athfen: Hw «*- ort (Bp)
Laftddn Private Health Gp. 32*' <2T'4)
McLaughlin and Harvev 8z (2(V4i
Markhoath Secs- VGB 9 70
...M fr rvdo wa Wfn* 77

MS**L.P“ ll S tln * t0n ' raoi4>.

MKrotllm Repro. (IQp) 62«

Midland Marts Gp. 66 B (16.-4)

M orlev (R.-H.t flOp) 12 S21.»

New Court Naturar Resources (5p) 32
Nlrorta lot. (SO .20) 180 4 7 B 90
rO.St.E. CH)u» 188 90
Oceonlci (IOpI 165
- Go. (IOpI 27
TMrVftefcf Foundries <5p» 12 (21.4)

Phi Pet. (til BS I19.'4)

Reliant Meter (9 d 1 10': (21 >41
R |2V4* nd N01 "" C ® n,RO,W1 ®«rv. f1 °P> 48

•-BmoinB (Java) Ruber Plant. <2>;p) lit.

i2Q’dlw “

* Saxon OR (SOd) 34': (21>4i
9r>n Data Jnt. IIOpJ 112 3
Selrr TV <\0M 44'j
Southwest Cons. R>S. VIOn) 41 >21.4)

- Awerelgn Oil and. Gas 310 2 3 5
Stanclro fl On) 42i.

sew Computer Gd. (10p) 180 (T9 41
Tahwtslon South -II Dpi 4R
^Ilumn Inv. and ■ Secs. . t£1» 120 1 \ t i

Grp. t5o) 83 (19-41
T cn*t Securities H'doi. (40ol 354 6
HVr* FMctrnnlc Hldqi. (20p) 32
Unjjct^rtandlv Insurance B ilOp) 217

"'V-'-'iv'r Electro Components n2>:0l 113
-91/41 .

•Villain- Systems (IDel IQ (1.614)
vnrk Mount (IOpI 59 <21(4)

2voal .Dynamics iSpi 81

RULE 163 (1) <e)

Bargains marked in securities
which are quoted or listed on an
Overseas Stock Exchange.

i Abrolhes Oil Inw 5 vie-O
Acmex 46 CZri-.ri)

-vAVaoma Cent. Rlwv 600 <20(41
' Alliance Oil Australia 67 C2W4)

Allied Chemical £i«i* <19>4 .i .

AHslate- Exp. 17* «t1M»

Amerada Hess £i*a< flisw)

Ameytein Home Prods, tao u 1
Arnnol Exd. 146 •

Ampol Pet. 80* 'ft 80

Anglo Uta. Dev. 43 &lf4)

Arcadia Minerals 6 (l&ai -

Argo Invests. 105 8

Argosy Gold Min. 2«i C1v4) ■ ■

Ashton Min. 52 3

Awe. Ming. Mines iA 3U375 £42
4204)

Attain Ic Richfield £22h 3U tl4'4)
Austrar.au Cons. Min*. 19* 20 »; 1 2
Australian cons. Inds. M
Auatraiian- Foundation Inv. 64 G0v‘4)
Australian Nat. inds. r52
Australian Oil Gas «3 CZO'4i .

BP Canada £14* CO-ai

Basic Resources inti. 170* 80 82K4)

Batu Kawan Bemad BO feliW
Beach eat- 300 ml
B elt (Canada) Cnv. PW. £J0t< (1C.B)
Berjantal fin Dredg. 169* 9 <21MJ
Bond Coro. 690 70

Bora! 14« <0041

Bougainville Cooper 7a* <2084)

Bow Valley 645 (2TM) -
Brambles Ind, 127 «ie>i<)

Bridge Oil iex

Buklt Sembawang Ests. 95 tflGM)

LKA 1170 2 3 4
CaR Itse

Canada NW Aust. Oil Bh <16.'4>

Carr doyo Minerals 13 14
CaKtemame Toobeys 20 2 «Z(W
Central Norseman 26a
CehC PaclBc Mins. 3* 6
Cheung Kong ISd CtlfAl
cnlna Ltunt Power. T 1« <1«M>

CHIOS parvide 4TB C&A)

Claremont Pet. tSA0.7o< 47* Bis 52 3 4
UP. UAO.IC) 43
■Clult Oil A u sc. 2u 2 «Z1l4>

Coca-Cola SU534>> C2IL4)

Coles (G. J.) 132
conex Aust. 2L «ty4)

Coos. Moddertimte«is 87* 7 Ci<4)

Ccralta Res. 5 419*1
Crusader oil 235
Cuttus Pacific 21 2 >t 3 l t 4>i
Dvpt. Bh, Singapore 21 5
Digital Equip. £47 L 121*)

Disney TVwali; Prods. £31 h Cb1l4i
Dome Mines 460*

Dorset Res. 23 «114)

Double Eagle 45* 40 1 5 7
EST London 210 111 ••

LZ I not. 134 204.

Eagle Cow. 22 3
East Alrtcan Brews. 60
East African Power Light. 37 40
Eastman Kodak £42Ji

Engelhard Cow. £12 H ad(4j . .

hnsesren fvi'L
Esc-ersnce Mins. 13
Luiocan Ventures 60 CEO*)

Exxon Carp. £16>»

Falmouth Peis. 63: 4S C2*4)

Hslr Res. 112 5 «Z.1v4>

Forsyth Oil Gas 1^ (20.4)

Gem Exau 2>«

Genoa oil 80 (204)

G oqnuia-Ppc/ftc Caw. BOO 419*)
Geoso-jtce £27 >:

Geny 011 £2 Shi (164)

Giant Yellowknife 390* -L21i4)

Gold Mines Kalgoorlte lAust-i 200
Grace Bros. 125 4194)

Great Eastern Mines 4iy (l«Mi
Greeabushes Min. (SA0.05) 43 5 CZ1-.4)
Greenvale Min. 6«c*

DO. 4A50.06 Pd4 6>s •

Greyhound Cpn, 675
Gulf Canada 650 .

Gulfstreanr Res. Canada 143*

Hang Lung Dev. 45>M>

Haoma Gold 15 li 16

Hanogen Energy 167 8

Hewlett Packard £24 '» aliUl

HIM 50 Gold Mines 49 (20.141

Hitachi 137 (21(4-

Mom estate M<n. £f4L M6Ui

Hong Kang Kowloon Wharf 42 C16.VI)

Hong Kong Land 6&J?# K 9 I]

Hospital Co.' America SU532)a \ €20.4]
Hutchison Whampoa 1480 9 SO
I AC 330 <2041 -
Imperial oil O Conv. £KPs CB1r4)

1 mot. Min. 17 <15M>

IntnL Pet i#6
Japan Fund 44S 419*4)

Jardlne Matheson 166 7 8 9
Jardlne Matheson Fin. IB
Do. 9i] Pc Gtd. Uns. Ln. 64SS £34 -
Jardlne Secs. 129*

Do. W a rants 40 (20M)

Jennings Inds. 7B

JlmbprUna MIM.-13 01.4 J
Johnson Johnson £21'«e 2V Clft‘4)
Kitchener Geld Mm. Ea Olid)

Kullm Ddalawai 54 OK4>

Lend Lease 177 Q1<(4)

Lennard Oil i<4
MIM Hldgs. 17 J'»* 1 9 BO 1
McCarthy Grp. 94 O-l.dJ
Macmillan Bioedd 925 (204 1
Magellan Pet. Auk. i z® riA 4)
Magnet Metals <76.4 >

MalaysUn Plants. 46
Mcckatharra Mins. 136 40
Meridian. Oil 10* C16.4)

Metals Expin. 21 2
Metro mar Mins. 27 a 9
Mid East Mins, fil; u, B g
Minefields ExM- 5 C21 l 4J
Minnesota Min. £31
Monarch Pen. 6i : (t«<4)

Monnie 011 63 B Cl 9,4)

Moorq Corn. £17 >m Q04>

Moms iPhillpi 145 0214 1
Mount Carrington 12 n*r4)

Murphy Oil £1.1«j
Mver Emp. 77 B 82 <21 l' 41
Negri River 13 <21i>4>

New Metal Mines IGO'lfi 16
NcwhiMt Min. Corn. SU&37- 1 * <2i>4)
New Zealand 'Forest Prods. 1C7 06.‘4l
NickHqre 13 14 (2di4l
Noranoa Mines 710* (164)

North Broken HiU 118 C21r4)

Norm Canadian Oils 615 019j4)

North Flinders 24
Oakbridge 68
Oakwood InL Pets. 9b
Oflsnore OH rSAD-lOl 10<a la- 111
Ohio Acs. 34 IZ14I
Oil CO- Aost. 220 3
Do. Options lO'i CZQl4*

Oil Mlh. 37 C1G4*

Oil search t 9 k k

Otter Ex pl TV. 36 7

O'seas Chinese Bkg. 330 <21>4)

O-seas T*t- Bk. 56 C21.'4i
Pacific Copper 57 <21 4)

Pail crpn. £15). CiO.4*

Palllser Res. 85 6 fi 90
Pan Am; World Airways SUS3'ij»#
(30^4)

Pancominemai Min. 96 8 100
Pancontmantal Pet- 24 ■>

Do. Options 13. >:

Peko-Waffsend 274 6 SO 2
Peon Central Coro. £)4‘« <ZJ‘.4)-
PsosJco Inc. £21. 'a*

Petrofina SA £B3V C>1l‘4)

Phelps Dodge £rS':

Pioneer Concrete 84
Poseidon 103

Power Corn. Canada 490 <21 4)

Reef OU 68 «6Mi

Repco 7o (21.41
Resource SvC. 150 <T«'4)

Jtoyex Stirreev Min. l&O {1E'«)

imantha Erpl. 8 82(74)

Santos 213* 90 2
Sceptre Res. 310
SeeEa Inc. £17 (19'4)

Selangor Coconuts &i 3 q»ai
Set anger Props. 140® 2®

SdTnnt A 46

Shackletoe Pet. 1-1 1‘2

Shell Canada A 737'; 50 Oft'4)

Shell Oil Era'll
Sinaaoare Land 14 15
Soarpo 12 14
Standard Oil GaMI. £16w
Standard OH Indiana £24 'a iUS-
171 6 4)

Standard Oil Ohio CIS', V f9-’i C>'4)
Steen Rock Iren Mines 2109
Strata OH Options 5
Sturts Meadow Prasp. 4B
San Hung Kai Props. 69 2 816 4}
Suoerlqr Oil £16'v <21/4 '

Super Valu Stores £1014 <164>

Swan Res. 37

Swire Pacific A 105* 5 <i 6 I; 7lj
SwTr*- Props. 67 1: 8 h
Tai Cheung Props. B', 4 <Z1i'4i
Tara Exp. 335 40 (194)

Target Pet. 19 C1<'()

Do. (A30.1S Pd. 1 13
TasmAtex 8 df '4)

Tach Con. 8 340 5
Timor OH 31; <J19>4>

Tri-Continental £9*« 10'« *<«

Unitevrr NV VF 128) £32.95* (204)
Union Oil CaUf. £10). SUS321a
Union Pad be Core. £21
Utd. O' seas BV. IDS*

Utd. O-seas Land 74* 4 D6A4)

Uld. Plants. Bemad 136 826,4)

Ui. Steel £12 «2H4l

Valbnt Cored. B*i (21M>

Vamga*. 400. <2 1;«4.

Vultan Mint 44 C20.4)

warrior Res. 320 2

waue Management £1 8V1 CH4)

West Coast Hldas. 7 Cl»4<

West Coast Trans. G3S* 20 C0.4)
WeslheM Mins. 50 <2ft4a
Westme* 7 <21 .43 -• ■ -

Wheefooc Marten A 57* St B
Do. 8 3* 7*a (204)

Whim Creek Cons. 22
Weedcide Pels. 47* 7 *. 9 ;

Wool worths H I da s. Class A 363 17 819.4)
York Res. 25 6

RULE 163 (2) (a)

Applications gran fed for specific
bargains in securities not listed
on any Stock Exchange.

All England Lawn Tennis £8.500 50 QT4)
Alliance Bldg- Sac. l'S>«cc Bds. £99.7£8pc
■733 k <20.4i
A nn St. Brew, 295 300
ASSOC. Hoteta 165 <1*41
Baker Electronics 30i|«. -V
Bell Sec Cum. Pf. 34 5 <2a'4)

Berkeley Hay him Invs. 7 «s |2i;4J

Birmingham City FC 800 So (1<9.'4i

Brim Invs. 24B 50

Burrough (James) 108 10 «164>

Cannon St. Ires. 9

Coni. Independent Television 713 4 (16 4)
Channel Hotels Props. &'i IO
CIC Inv. i; "i* 021^1
Do. lj <2l'"4l
Clat Hlrthe £39 01.4)

Coghlans Props. 7nc Uns. Ln. £25 30
t2T.1(i

Cornel. Bk. Wales 57 1 00 (1*41
Dart valley Ld Rlunr. 65 70
Dawsqn Iwnvl lOk S 06.41
Dolar Land 28 30 QD4I
Flight Soares 24S 7 (164.

Gale (G.i 6S0 G <19 41

GWn <M ) 24 D 2 014 )

Gibson (William) a-.-pt Cum. Pf. 17 20
GO O

Grampian Tele. 43 7 816(4)

GRA Proo. Tst. 17 8
Hartley Baird 3 GOJi
Heavilree B re w e ry A 925 30
Hunterdon Mng. Smelting 54 )> 120-41
Hydra Hotel Eastbourne 300 10 <21C4>'
Javelin Equity T«. 1*9 72 (20.-4)

Le Riches Stores 23B 40
Lifeguard Assce. 297 300
Mapalag>ma Rubber 20 9
Nationwide Leisure 10-; 1 I- 2 Cl 6r4 1
Norton V Offers Triumph : 1 C2D4J
Oldham Esrs. 129 30 C7 : 4>

PMPA Iihcc. 39* (>1.4)

Plymouth Hofei 128
Rangers FC £!€*< 7 (164)

Rouiledge Kegan Paul JJk Cum. Pf.

27S 3TO 8204)

St. Austell Brew 273 (16 '41

Sale Tilnev. 6oc Red. Cum. Pf. 38 (16 4i

Sheoherd Neame A 62o S

Sheraton Sec. Imnl. io-. (1641

Sinclair IWm.) 50 084-

Southern Newspapers 153 4 B <2641

Twlnlock 14 'n.

VMlicrs Hotel 6 pc B Cum. Pf. 22 (19.4 1
Wvnstav Preos. 161 3 Cl«i4i
Yeherton Invs. 37 8

RULE 163 (3)
Dealings for approved companies
engaged solely in mineral
exploration.

Aran Energy I1r£0^0> p1B>; 9
Atlantic Res. r into. 251 170 5
Berkeley E«. Prod. 255
Caledonian Offshore 95
Do. 4 pc Cnv. Uns. Ln. 2000 IXIiSpc Pd.)
£9 pc 'ii , pc

Cambridge PeL Royalties 243
Celtic Euln OU ExM. 200
EgllntoH Dll Gas tlr£D.20l 80 1
Energy Sources (N|) 7 a
K e n mare Oil Expl. ' lr£0.25' 9
Marlatev Pet. CLOoi .102 3 5
Moray Firth East. IS >e
osprev Pet. 57 i«

Sioaua Romans rerit-i 33
Sun Dll Co. (UK) 168

(By permission 0/ the Stock
Exchange Council J

riflONEY MARKET $

. London clearing bank base
lending rate IS per cent.

^ (since March 12)

. Trading was rather quiet in
^ the London money- market yes-
terday ahead of the weekend.
There was. a marked reluctance
<r *to -take on fresh • positions’ in
view of possible further deve-
lopments in . the Falklands
situation over the weekend.- In
the interbank market weekend
money bpened at 13*431 per
cent ’and most of the day’s busi-
ness was seen at this level,
r- -Rates rose to 13H4 Pe? cent
but came back to 13-l3f per
cent and then fell away to 12J
p'§r cent before finishing at 13
per cent ;

The Bank gave a forecast of '
a shortage of £30thn with bills
triaturing in official' hands
. accounting for £1.27m. a rise in
the note circulation £210m gnd
bankers balances brought .for-
ward below target £ 66m. On the
other hand Exchequer trans-
actions added. £150m. The Bank
" alleviated the shortage in the

morning by buying £291m of
bills. This comprised flllm of
eligible bank bills in band 1
(up to 14 days) at 13} per cent
and £74m in band 2 (15-33 days)
at 13 per cent. In band 3 (34-63
days) bought £67m of eligible
bank bills at 12{ per cent and
in band 4 (64-84 days) it bought
£7m of local authority bills and
£32m of eligible bank bills, all
at 12| per cent. There was no
further assistance given in the
afternoon.

Longer term rates reflected
market uncertainty with inter-
bank rates quoted at 1311-1312
per cent for one to 12-months
'and sterling CDs also at 13 ii-
13 i 3 per cent from one month
onwards. However, there was
some ■ easing in tension after
last week’s action by the Bank
of England to hold down the
rise in the Treasury bill rate.
This week’s average rate or dis-
count fell to 12.8910 per cent
from 13.1993 per cent and with
economic indicators continuing
to show a brightening outlook
rates seem ■ set to fall should
the Falklands crisis reach a
relatively quick and bloodless
conclusion.

CURRENCIES

The dollar- was weaker in cur-
rency ' markets . yesterday on
expectations of lower interest
rates. This- was reinforced by a
fall to 6.8 per cent in the annual
rate of inflation from 7.7 per cent
previously. Against the D-mark
the dollar slipped to DM 23870
from DM 2.3975 and SwFr 1.9690
from SwFr 1-9685. The dollar
was also weaker against the
Japanese yen at Y241.30 com-
pared with Y24230. On Bank of
England- figures the dollar’s
trade we&ited index fell to 114.9
from 115.4,

Sterling tended lo move in line
with the dollar and its trade
weighted index slipped to S9.S
from 90.2* having stood at 90.0 at
noon and 90.1 at the opening.
There ' was little desire to take
out fresh positions with the pos-
sibility of an escalation in
tension in the Falklands crisis
over the weekend. Against the
doHar sterling opened at S1.7720
and touched a best level of
SI. 7750 before falling away
during the afternoon to a low of
SI. 7670. It closed at $1.7710-
$1.7720, a fall of 50 points.

THE POUND SPOT AND FORWARD

April 23

Day**'
s proud -

Close

On* month

• •»

••

-

Three

months

%

.P-ri-

U.S.

1 .7670-1.7750

1.7710-1.7720

0.1 8-0 -28c d«

' -T.G6

0.624.72dl s

-1.51

Canada

2.1600-2.1700

2.1660-2.1670

0-33-0. 43c efis

-Z10

1_2M.30dis

— 2.31

Nnthlnd.

4.88-4.73

4.68-4.70

2V1 7 jC0m

5.43

6 l i-6 pm

5.32

Bnlnium

79.30-8060

79-90-80.00

20-35C dis

-4.13

75-90 dis

-4.13

Denmark' 14.38-14.45

14-38-14.39

7-7 7 ^>ra dis

—8.15

19>7-2D T idi»

— 5.B1

Ireland

1. 2230-1 J31S

1.2240-1-2250

0.60-0.73p dis

-8.51

1J0-1.97dls

-6.16

W. Gar.

4.22-4.26 '

4.224-4-2ft

IV-l’xpf pm

4.25

5-4^ pm

4.49

Portugal

128.00-130.00

128.25-129.25

190.510c dis ■

-32.82

400-1200dls

-24.85

Spain

18fl.50-W7.30

186.70-18630

60- 86c dis

-4.66

180-225 dis

-434

Italy

.338-2.346

2.340-2^42

18V22', lira dis

-10.76

59-63 dis -10.42

Norway

10.7S-10A0

10.76-10.77

3V4\ore dis

-4.60

7V8k dis

-2J7

Franco ■

11 .03-11 .V

,11.04-11.06

S5-81.C dis

-7.88

23-26 dis

-8.87

Sweden

10.42-1060

10-43-10-44

, »- 1 iOra pm

0.43

2 VIS pm

0.72

Japan

426-432

427-428

2.45-2 -2Sy pm.

6.60

6.85-B.GS pm -6.31

Austria

28.65-20.35

25.SS-29.73

15-71ffra pm

525

38-31 pm

■ 4.64

Switz.

3.47-3.51

3.48-3.49

3-2*30 Pm

9.47

7V7H pm-

- 8.46

Belgian rate la for convgrtltalc Irene*. Financial franc 87.95-88.05.
Six-month forward dollar 1.12-1 .22c die. 12-month 1.80-1 35c die.

EXCHANGE CROSS RATES

,, . April 83

Pound St'rllng

U.S. Dollar

Oautscham'k

Japan't'a Yen

FrenchFranc

Swiss Franc

, Dutch GpUd'l

Italian Ura

Canadia Dollar Belgian Franc

.Pound starting

U s. Dollar

l"

0.554

1.772 .

: 1.- ;

4.230
. 2J88 '

• 427.5
241.3

11.045
6.235 •

3.485 .
• 1.967

• 4.695 . 1

2.650 |

2341.

1321.

2.167

X223

79.95
■ 45.13

DautschamarK
Japanaaa Yah 1,000

mm

101.1

1000.

2.611

26.64

0.824

8.162

1.110 '
10.98 1

553.4

5476.

• 0.512
5.06B

18.90

187.0

French Franc 10

Swiss Franc

0.906

0.287

3.830 ‘
U14

387.1
122.7 •

10.

3.169 .

3.1S5

1.

, 4.251 ;

I 1:347 j

3120.

671.7

1.962
0.632 -

72.39

22.94

-Dutch Guilder

Italian Ura 1,000

OJ13

0.487

. 0,377
0.757

■ OSOl
1.B07

91.06

1B2.6

2 .3 S3
4.718

0.742

1.489

l 1. 1

i 2.006 j

498.6

1000.

0.461

0.925

17.03

34.15

Canadian Dollar
Belgian Franc 100

. 0.462 •

1.251

0.818

2^16

1.958

5.291

197.3

534,7

6.098

13.81

1.609

4.3S9

( 2.167 I

1 6.872 1

1081.

2928.

1.

3.710

36.B0

100.

EURO-CURRENCY INTEREST RATES (Market closing Rates)

April 23

Sterling

U^.

Dollar

Canadian I Dutch
Dollar j Guilder

Swlac ‘
Franc

D-mark

French
■ Franc

Shortterm

• 7 cay*' noWce ...

Month

Three months.

Six month*

One Year >...

13ii-13N
1356-13 <a
13tt-.13hS-
13ft-15r4

1334-137*
13 J4 137b

1454-15

1«T S -15>*

14ft-15«
14iM5,l«
14)2-15, k
1458-147*

14l c -15it j 8-BU

141*-15ij 8l«.8i4

I5ae-16 5 « 1 fli«-8i^
155 b-16 ! 8*8!%
155,-iaiB i 8i« eie
16-1638 ; Bit -834

J.fo-1**

514-83*

4^8

sss:

li:!"

SI!!

16-18

18-20

20-21

23 23*4
21-2134
19te-20U

Italian

Ura

Belgian
Cony. .

Franc

Fin.

Yen

Danlen

Krone

18-20
21-24
233.25
23V241I
23 <2-34*1
83 <2-243*

14- 16

15- 17IS

161--17S.

17-18

I6S.-173.

16- 17

143.-15U

143.-15

143.-15

14Tg-151|

1458-1418

1458-14111

61.-61* I

6V61B ,

6i # -7 •;

67 a -7

6h«-&ir ,

2012-22

19K-21.*

lBrt-30*

,iSvW9;.;

17-lBia

“T LONDON INTERBANK FIXING (1 1 .00 a.m. APRIL 23)

3 months U-5. dofiara

t)iGI5r/r8 offer 13 MB

6 month* U.S. dollar*

bid 35

offer 15 UB

The fixing rates are the arithmetical moans, rounded to the nearest one-ebettenth.
of the bid and offered rates for SlOm quoted by the market to five reference banks
at 11 .am each working day. The banks are National Westminster Bank. Bank of
Tokyo, Deutsche Bonk. Bsnqua Nstfmurfe do Paris and Morgan Guaranty Trust.

LONDON MONEY RATES

• stoning

April S3 ‘Certificate
1082 ; of deposit

, Local jLoaal Auth.
Interbank] Authority Inegotiabie
- deposit* : bona*

Finance
House *
Oepoelts

ibieoount 1

Company; Market Treasury
Deposits , Deposits - Bills*

EUgfbl* , Fine
Benk I Trade
Bill** j Bills*

.DVemlght. J —

2 days notice.-. — '

.J day* or —

7 day* notice.*. —

One month • 13 li! l3Ji

Two month*.... 1 3t* 13;*
Three month*. 13|.i 13)^

Six months 13 U 13 fi

Nina month!.... 13;v l -l3is

One year 13fi-131i

Two year*....... 1 — ■

1218-14 1 —

— 1 1311-135*

1358 133* i 131y-15S|
lffi-J3» . WA
13«-13W ,

13fi-13j™ ; 135s

lSra-lSM : 1318

13fi-13f» j

ww;i '

MSn-14

14)8-14

14-1568

14U-137*

141*1334

ISti

13»4

13Hf -

137 e

137*

13T B

— ;i2i4-13U] — .

1354-137* 12S«Tl5 -

Ml* 12)4-13 1 ISr'r

141* 1254127a 13-13|' K

141* 1254-127* 12fj-13

I3i* ! J4 r*

13* ; 137a

13^ ! 13 5«

12«-l3,-*' 13)$

— ! —

CURRENCY MOVEMENTS

April 23

I

Bank of , Morgan
England ' Guaranty
Index Changes^

s nommahv three years 14 per 'cent; Jour years 13 f « per «nr. five y*ar» 14 per cent. *Bank bill .rates in table
buj^S ?«« for iSS paper. Buying raws for four-month bank’ btlb .UPa-liPa per cent; four months trade hill*

ADAmfJnaio soitina rate3 for one month Treasury ■ Inks 12 “m- 13 per cent; two months 12V12“i4 per gent; three
Mr mnt Approxanale rat* lor one month bant bate J3-J3 *m par can i: two mortlhs l?V f»f

t srei Utre* months 12*V»-ia“tt per cenC 0n8 month trad* bdl* 1ft per cenc two months 13S pw cent; three

^Finance Ratao (ipubirehed by the finance Houses Assocratton) 14*, per cent from April 1 19821 Clearing

k 1 f)epogjtftatro for sum* at seven days* notice IWW. per cam. Clearing Bank Rates for landing 13 per rant.

aSSSrtTsMM SjrSS*^ «Si fo»«TJZiK* B. DapMit. for cash 11 par cent.

Starling.........

U.S. dollar

Canadian dollar../.
Austrian schilling.

Belgian Iran*-

Danish kroner.

Deutsche mark —

Swiss Irene

Guilder ... — -

French franc.--. —
Lira — - — ;

Yen .1

69.8

114.9
■ 88.5

116.9

94.9
83.4

123.7

149.8
114.5

78.7

53.8
137.0

—33.4
+ 7.3
-17.9
vK5.2
- 2.0
-13.5
+47.5
+ 100.9
+ 21.6
-15.1
-58.5
+ 31.3

WMfatoBtBBI .
Benk of
in*wWk.

'nr-

OTHER CURRENCIES

EMS EUROPEAN CURRENCY UNIT RATES

ECU'

central

rates

Currency % change
•mounts from ■■
against ECU central edjustod for

AprH-23 rate dMergencs

mganmmggga

wmem

IXvergance
limit %

n Franc ...
fi Krone ...
in D-Mark
» Franc ...

Guilder ...

Putix

i bra

44.6963 46.2002 +1-13

8.18382' 8.M547 ^-0.91

8.41815 . 2-38127 • “Ml

8.19564 fl. 3908 +0.71

2.87296 2-65316

0.688799 0891784 +0-73

1305.13 1318.35 +101

Changes are for ECU. therefore pbartivc chahgo denote* i
weak currency. Adjustment calculated by. Financial -Tims*.
SWling/ECU rate for Aon! 23 . , .... 0-563103

+1.13

-0.91

- 1.11

+0.71

-0.74

+0.73

+ 1.01

±1Jj440

±1.8428

±r.1097

±1^743

±1^068

±1.6683

±4.1242

Australia Dollar— | 1.0785 1.0806 0.9490-0.9495

Brazil Cruzeiro— 270.35 271_35. 152.45-163.19
Finland Markka-1 8.162-8.17B '4.60604.6050
Greek Drachma- 11D.nD-11fi.033 ' 63.40 63.70
Hone Kong Dollar J0.30-10.331 i E ' 5 .8125-5.8225

Iran- Rial-— j 145.75- 82^5-

Kuwait DlnarlKDj 0.60541.511 IOJ86BD.2870 •
Luxembourg FrJ 79.90-80.00 • 45.1446.16

Austria.

Malaysia Dollar.. J 4 J4B5J».15a5 2.33763;3«;05
NewZealand Dir. 2.3020-9.3080 1.3005-1.3025
Saudi Arab. Rlyal, 6.04-6.M- 3«9OJ.45l0

SJnseeor* Dollar' 3.77DHJ.78D5 ; 2.1275 2.1305
Sth.Afhcan Rand 1.B625-1.8645 1.0516-1 JB525

Belgium . >

Danmark — i

France—— ,

Germiny—

Italy '

Japan..

Ne the Hand*

Norway

Portugal

Spain

Sweden-

Gwitzerfetni

..... United States—

UJLE. Dirham ..-I 6.40-6.55 1 3.6710-3.6740 Yugoslavia

87.S0-B8.50

14.35- 14.49

HAS -U.1S

25102365

431456

4.69>s4.73>s

10.72-10.82

127-158

.182i«-lfl4i«

10;4S 10.55

3.48-3^2 '
1.76-1.78
93-99

INm one N**,

FT UNIT TRUST INFORMATION SERVICE

Abbey Unit Tst Hfetgn. (a)

77-60, flairinse Rfl, ArMturr _K96 5+ 1 1_

Aewnean 6nwth _(60.2

Ca^ial

Gih&Fnedim....

WorHwffta Bend — fHIB
lit*. Tst. Fd.

&takatfogg

m

AUTHORISED TRUSTS

Cnigmaairt Unit T*t 8Egi%. Ltd.

^ H BucMetsbtty. Lootkm efl4M 8BD 01-248 «&*

«« Canadian Exempt* ...]52.<

■ CaudiariThK!

UfflMauM Hkfii Inc.*.

Allen Harvey A Ross llnlt TsL Mngn. Recntery :©7

45, cmfiall, Umden 6C3V 3P6. _ 01-623 63W. Citi TnBl s ...-...-.-b» 6

AHR Gill Tnsi - — 1918 %AI +0.1J 12.W

Allied Hambro Ltd. (a) ig)

KSSUn iMfflMT

Bdanctd Fands

apietflu r .

Br(L IWs Fund 53

Croxrrn&IncMW.. .. U_

Orel. 4 Ind. Dv*. 4*0

MKfigTS &±=SS

Haaiixa Acc. Fund ....[209.8

•WMiv Cbwng day Vftdnrsby

Xfemworf Beuon Unit Msnagen
20, FeneiHath St.. EC3
K.B. Unit Fd. lnc.__[lM.B

K.B UnltfdAc 176,9

K-B. Fd. Inv. Tits, m,, 77.9

B.Fd.inT£LAcc 882

3SmlrCq'lFdlnc . itO
KB.Sm.CH.Fd.Aa.... 72 <0
KB Midi YU. RL Inc. 54.9
KBHijYhUcc. . — «J

Reliance Unit Mgn. Ltd.

Retlancc Hu>., Tuntxktw WHh, KL 0892 22271

Bnunufe no.i 74.<

SL Balanced • m.0

. BL Onrtdmd @7.8 . .

“ *9S *pneei April ZL Nest drekm

. J ^ RMgefWd M

Jjg 1 Fmtxxy Sa. I

Man agemen t Ltd

I.EC2A1PD
tri limaelTT.~i-g . — flkl
271 International UT — TO4.:

01-5686406

RothscMM Asset Management (a) (g) (z)

Crescent Unit Tst. Mn^s. Ltd. <a)(g> L & C Umt Trust Management Ltd - T^rnTixiiminr u Mte«
4 Melville Cres, EdMaagn 3 031-226 3492 The Slock Eirem*. (oaten EC2N 1HA 588 2800

r— A— IM1 in jiq no? 1 C I ^ 1UU I n n BW ■*- -

H&iYIeH W. 1

Him Incone— L.-

igtyr'trBS

Intereattomfi Funds
International

Pacific Food . —

American Spec. Sits..

Sees. Of Acenca

iPB yeagrM

Overseas Earnutgs ,_|813
Eofopt Foods
Income Exental . I
Far East Exempt -- 1.

Smaller Co. Exempt _ll 05.7
UJJL Errmpt — JlMb

Cm. American.. ..

Cres. Capital

540 Cre*. Hiqh Drt-

5 95 Ores. Iiffenuiional ..

3.03 Ctes.RewniK

4J8 Cres Tokyo

4.4?

Dartington Unit Trust MitgL lul
4 *> Oartiogti>o,T«nes.De*onTQ9bJE. 0803862271
Total Peri. Unit Ta RZ2 24.84 ._ ..| 459

R45

A - fl J* Mscretionary Unit Fund Managers
tin lilt 3W8 N«* Broad 51, EC2M 1NU. 01-6384485

- 011 1218 Disc. tnc. April 16 1255.7 7T2M .J 521

qm Dunbar Unit Trust Managers Ltd.

134 53, Pali Mall, London, SW1 5JH. 01-930 2122
m MM-jJ 23W| ... j 8j9

LAC Inc. Fund ...—..11634

L&C ImlSBenFd.Jm.?

1471

_.jlM2

11423

277 Special Sits...

3« E. F. Winchester Fund Mngt Ltd.
3M 44, ‘

. Btoemsbwv Square. WC1A2RA

IS Great Wrenesier.. . t» 7 23

5J3 GI.Wircf«ttrO - seas..D17 35.

01-6238893

1%

5-2 N.C. H*omeFd..v_

Legal & General (Unit TsL, Mngre.) Ltd. n | &Stofc5^-~lbWr
5 Rayleigh ftd_, Brentwood 0277217238 iUI Trust llhnt (a)

Leonine Admhihtration Ltd. uSiirtnSii?? 23 '" K3D

2 St Mary Axe. EC3A9BP. 0I-6236IM IKZ O

teSSSStr:.:iKI H* ....i

Lloyds Bk. Unit Tst. Mngre. Ltd. <D
Regnirar’s Dept.. Gormq+v-Sea.

Wortnmg, West Siraex.

Balances ....1797

Do (Accun.) [1250

SrSftaiizrBl

Egurty & Uw Up. Tr. M. (a) (b> (c)

049433377

4.82

Amentum Rd., High Wycombe
UKCtrih.Ta.Acc_.
UKGwth.Tu.lK _
HMwrlnc.Tsl.Act .

Anderson Unit Trust Mangers Ltd. G&^xfiintTuJfcc.

62. London Wall. -EC2R7DQ 01-638 1200 Gll»/fi^liU.Tit.lnc.

AnOrnonU.T...: — ^4628 67.9M 1 3fc»;

Ansbacher Unit Mgtnt. Co. Ltd.

General 1st. . _

158.1

fa24U

+0J

SaJ

60 9x1

*0.1

U)3

585

650*

629al

-DJ

-01

545

573

-0;

S3J

56.)

-02

541

59 0b!

-0J

«Z 1

£5^a

+0.4

463

1033d

+0J

A£2

II M

468

Extra Income 66.9

Do. (Accum.) ™ . .. .
income. ..... - . .. 101.9

Do. ( Acorn.) 17L2

Ijil Tectmoloey 76 4

Do.fAccati.) 79.8

N American A Gen. 485

Do. (Atom) na

Pacrfic Basin «9

Do (Acuna) 46 3

Small Cos. & Recy . . 598
634
857
115.2

Acram (j

...Jdwidebwllt...,

Do.(Acoxn)

A* teghlRL - -IW90

Royal Life Fd. MgmL LW.

New Hall Place, Liverpool L693HS 051-227 4422
Etxittv Trust ISA ^ +0TJ —

01-6231288 EqudyTnja -

+0J 457 lftt€fw»orwTrua...

*11 8 5S»sr-uSLS£*SSi»»»

*03 h.B4 Pmr*. on Apnl 15 Nmd deahnq (By flora 30.

rS| gU Save A Prosper Group

♦ OJ Oil 4 - C** 01 *■ London EC3* 3EP

*1.0 1.33 68-73 Owen 9.. Etfinteroh EH? JJ !«__

*1.0 133 DMUnij. to n-W BB99 or IB1-226 7351
*0J 037 IntnnaiitMUd FteWs

i83 S8

3g 15 Bswarr , i»

VM +03 2.77

37.1X +DJ 439
372i>« +34 1JE

Bb.it +o; o+i

17601

590(

01-726 4931 Fidelity International Management Ltd.

20, Atachlircti Lane, London EC4N 7AL 283 9911

Awl I /.l laAA Atfli .n-n OCA

1. NrekeSUEC2V7JA.

- AmerloiiCi) — —

Anthony Wider Unit Tst Mgmt Ltd.

19. WSdegafeSL, London. E3 7HP 01-247 8827 Growth & income .. .135

Wieler Gvrih Fd Inc.. [35.9 3861 .1 280 Japan Tran (d f

Do Aceum....- ..|46.6 SOlf ...J — Max Inc E* Tst. ...

oMcmI Sits .1

Artmthnst Securities Ltd. <a)(c) . . _ . „ . M

37, Omen SL, Lomtoo, EC4R 1BY 01-236 5281 «Jd Ri«» Unit Trust Mngt. Lid.
Craital Growth 133.3 i.7a| +02 3.14 10-14. We<t Mile Street Gtewo*. 04.-2041321

Capital Growth ii.i

frcaTOJJ tlon)- 338

Extra Income- R2,

(AccuTHilaitea) — ... 49 2
Income

(Amanuaiion) L. x

(Bi2% WUMramal)- 47.6

(touniuiai inii) H I g6

(Accrnnubtioel 44.3

Smaller Companies.. 4L7
(Accumulation) 44.1

3tg +OX

90?] -05

W:.“

®2M

51g -02

n+tu

— J. Finlay Inurnatl... .135.9

231 Accun. units U.B

231 J. Firfiay HM> Income . 37.0
iSl Finlay md. Energy... 133

LIM Accum. Umts— -17 4

LOO J- Finlay Fd In. T sl. ..J 39.9
U23 Accun. Units ...........

153.2

Prices on April 21. Next dealing April 28

FremRngton Unit MgL Ltd. ( 1 )

69. London WlC. EC2M 5UQ. 01-628 5181

Amer & Gen. m2

(Ocarni. Urtts)— ]922

Am. r around

j (Acoxti Units)

iveo Capital Tst- I

jta&S-'&rJ . ,

14 44 (Acorn Unnsl-. —...(528
Nil E»tra Income Trosl. .156 0

W76

3 tc extra income irosi. .

■5 lx. Income Tsl u _

lie. Giowth Fd 712

.774
472
47.2

li

MZ

4tffl +02)

47.3 +0 3

Archway Unit Tst. Mgs. LtiLtaXc) fe^ U T 1Sh::::j

317, High Hoteorn,WClV7NL 01-831 6233 { Accun unte) 1

Archway Fund [1116 11941.. .1 6.73

Priors flprd 22 Hen Mb. «te, April 29. Robert Fraser Trust Mgt. Ltd.

, . ^ - 28b Albemarle Si., W.l> 01-9933211

Arkwright Management Row. Fraser Ut.Ta. [70.4 75.4| .. .J .6.00

Parsonage Gdm., Iflanchester 061-8342332.

AitwrigteFfi. April 13.1100.9 107 AM .... -I 415 Friends Pro*. Trust Managers (a)lbl(c)
b— * !■ • | U , u „ , Pi*him End, Oorirmg. Tei 885055

Bartfays Uwenro Ltd.<a>fo)(g> . F n rntfsPrtw.umis.-i7i3 763-03 489

Vntcorn Ho. 252 Randort ftet, T 7 01-534 5544 Ddl Acorn..— _(106.A Hi fl -53 4.(9

Lloyd’s Life Unit Tst Mngre. Ltd.

2, Si Mary Ate. EC3ABBP 01-623 6114

Equity Actum (2)- ..[285.1 3002] J 390

Local Aut ho rities* Mutual Invest. Tst*
77. London Wan, EC2N 108. 01-588 1815

mmi m iHts

harnnm-Fo Mcr 31 | 7680 I . I 1327

• Uruuthorlsed Available only to Local Aidhorihes.

M & 6 Group (yUe>(x>

Three Ouavi Tower Hill. EC3R 6BQ

American [729

(Accum. tlmts).. — ... 79.9
Americao Recovery.. B92
(Accum. Urns)- 878

Aieiralasiaq b6 7

Accum. Units). 703

lonvnodrty 11 2!

Acmri. ifnlts).._ 135.'

ompound Grtwlh . 175 0
oovenion Growth... U8 1
omerseo Interne... 809

■vtamo 142.7

Umts) 339 5

_ pean 594

Accun. umts)... ... 66.7

•rtra Yield... 17 0

Accun Urns) 1516

(Eastern 1088

es£=ar

(Amo Umts)

FuaSo* Uhf 7sts. __}926
^toraUmb) [lX3

I Ocare Units)
iitt income.

1 Accum. Units)

liqh Income

(Accum. Units)

(Accun. Umts) . . -7.B‘
Magnxn ....... 319.

(Accum. Units) -.11483

Wtmfl

Unicorn America-...

Do.AuslAcc.

Da.Aust. Inc : Ul

Do.CmiKaJ- 942

Do. EjJmptTtt 150.9

Do. Extra Income 3 QjO

Do. Fhancal H)02

Do. 500 109.3

Do. General — - 44.9
Do. m & Fxd. InLinc 46.4
Do. Gtr. Pacific Act- 44.1
Do. Gir. Pacific Inc. .44.0

Do Growth ACC. 732

Do. Income Trust .... 117 8
Do. Prf. A'ns. Tsl 566

Da. Reco very-^.. U-9

Do. Trustee Fund..--. 1WJ
Da.VFIdeideTst. B2-7_

413 +D1< 160

1 n ^ Funds' in Court*
mij+ad

-Sf Public Trustee, Kagsway. WC2.
D ^o Capital April 22 [1443 14

01-4054300

£o9 6.T. Unit Managers Ltd.
{LSj 16, Finsbury Clrcta. EC2M7DJ.
S-5 G.T. Cap. Income.,

Do. Act.-.

££ G.T. Inc. Fd. Un.

iQ G.T. U3.£,Gen

4 - 78 G.T. WkL Bd. Fd

I T. Japan & Gen

B’tttTn.FtLAcc. mi5 119J

Do. Income jB.9 90 3

Baring Brothers A Co. Ltd. -
8, Bishopsqaie, EC2N4AE.

. Stratton Trua 1264.0 2JS2

Do. Amxn.. 366.8 382.4

Next ufli. *y Apnl Z7 (by 12.0

m

195 2
2250

C~WT V. ■ • VIAL pu. m. — . , 49.7

Q.T. Japm&Gen Uli

^ G.T. Pens. Ex. Fd 3421

G.T. Ititl Fund — .... 314
557 c T Far East & Gen. 919

G.T. Tech. & 6th. Fd .

European Fund ..(90.2

02-283 8833

| I 429 G. & A. Trust (a) (g)
, •• 4. 429 5 Rayteire ftead, Brentwood

1 noon). «.6A. ...|47.9

2091 +1»
2419 *XU

1027n .
120X +21
360J +3.4
24BJ +Z4
981 +22
95J +0.7
103.1 +081

01-6288131

IS

mm

9. ID
120
9.00
[LSD
.270

IS

0.90

900

......J General .

(Acoan. (MtsJ. @7.4

Smaller Companies -1267.8
(Accum. Units). —
Sptcbffsed Rinds
Trustee

B£SM®az

Charitnod April 2T
Pension Eat. Apnl

High income Futtes.
Gdl&Fxd Int Inc....

HiqnRHiirn

inaane

U.K. Funds
CHI & Fxd. Int Grth..

UK EttMfy. —

Overseas Funds (i)

&. . :TJ.

&.RASM 74 b

01-626 4588 !££&

:» II? Wzr?::- m

ft

] ^ NewTechnotoqybl..|4b3
353 Fiaed-lntrrast Fund (x)

353 Inti. Bond Fd. |60B

Fug* . . .

mean ■ — |2WJ

473-01] 933

fsSj+aS 28?

642M-UI 226

in

8 64 "Price-, a Apnl 14. Next ndx dry Aprfi 2B.
Scotidts Secmrities LbL

ill ScottBts W2

ScotyteW I»7

ScMsham B29

134 Schroder Unit Trust Managers Ltd.

■iOTf 527 4R St Martas Lane. WC2. Deed Hvn 0705 Z7733

if tet«ai)~Bi

*30 Income Foil —

]2jq lAccum. Unis)

^Mn," Uw&f- - -'.I

&S ScSr Units'.-.”!

JJ-ct Snofler G0.3 1

2 S (Accum. Urns)

t-n American-. -1

791 lACMRUnils'-.-.....

JS (AcamiTihm!-'..^^l

4.45 BWAR ffd-

538

(Accum. UnHs)—

AurJrdlian

(Acorn. Units)

Singapore &ttday.

(Accun Units)

•P&C Fd April 20._.

■Recovery rerll 7 ~ 1
■SprcExAreia

•EuroEx Aprfl 2 . — p — .. .

•For tut eteirai tads only.

Scottish Amiczdife Inv. Migis. Ltd.
ManuLife Management LhL l50St \ftncenia.a^w».

SLGroige’s Way. Stevenage. D438 56101 Emily Trust Accom.. [1118 12.91 +R3I &30

GiMftdiwL— |M 1 + 1.11 4.50 Scottish Equitable Fund Mgre. lid.

Growth Umts _.pti3 90S +4.fl 4 43 33 54. Antkwye Sq. Eifiidnngb 01-5569101

Income Umts 164.7 6BB*| J 523

Mayflower Management C* Ltd. K2 fHgS 8K

14-1B, Gresham Si, EC2V7AU. 01-6068099 Desimq Wednesday ."

Income AprilA IlISJJ 12U| | |S Scottish Widows' Fund Management

4.41 P 0. Box 902. Etteranh EH1658U 031-6556000

(0277)227300
512) ♦OJJ 525

s “SEES? Gartmere Fund Managers ia)(g)

SPSSl!=:i._ .. ...

Pegasus Tst. April 23 W-l

5SSS Sr wre , Si.iSsl S ™ ,rt X*34951 SIM CO Money Funds

SStaH iKl'-nLtet B6 7 ’ K « 7 | 01 I GW 66, Cannon Street. EC4W ME

71*3 —J 3§ SlMCOSFdlW

10541+031 —

01-2361425

Mem 01 ’ 5 ? are 281 - Axe, EC3A8BP ' 01-6236114

fSsAiBtntianTnei-

130 tM,k»Tn (A rr

BedcmaomtLCae*.4lB24- 105.

Non Sri). Ay P*>y 5. “April 14. *WwiJy

Bridge Fund Managers (a He)
Rrgb Hse„ King William St, EC4.

Amer. Gen.f

tn«or».__

Capital Inc4

Do. Acc±™ —

h5F^wveiry Vnc4~p7

Do. ACC4-: i- J30.0

~ *Tues

Dealing.

tPrices Apnl 2W21722
Britannia By. of Unit Trusts Ltd. (a)(c)(g) Govett Ltahn)

5766(5806..

Ammtan T/vrt _ — . , I4L7

Australian Tne( M2

British Tsl (Acc.)— . 1DB3
BritWiTsLfWsL) — 1019

Commodity Starr — 39J

Extra IntreieTrt-^-. Z3.9

East Trirt S2-7 •

01-623 4951GIH Trua gT

150 Hufli Income Ta 587

5.13 neww Fund 50.5..

344 Ins. Agencies 0757

3.44 nC.*Gith-Exrmpl_ 123 J.

6.47 (ntl.TiLIAccJ 50.6

4.71 lntl.Ta.(D«T g.9

4.71 Japan Trust — 302

KtalSUs Tst--.... 39.6
Sm. Co. Hec. Trust. P8-9

Glen Find Acc_

Glen Fund Inc. ,

Mercury Fund Managers Ltd.
30, Gresham Si, EC2P2EB.

Gen. On* Ml

Grn. Acc. -..MID

Inc. Ret. r

I ml. DM f

lntl.I

Oepotlt

Stewart Unit Tst- Managers U«L(a)

13.92

4a «

60.7 -o3

01-6004555 45. CharioaeSn, ErMnii*. .. 031-2263271

+D5[ 3 A3 tArarrican Fund J96.4 . —I 225

’ ■“ Aram Units 1D42

Withdrawal Umts .„ »3.

-British Capital ®OJ

Accum Umts Z39.9 ... _

** European Fimd ..-{8411 . . 902| +04l

610

&

Midland Bank Group
Unit Trust Managers Ltd.
Contwood Home, Surer 5 (reel, Head.
Sheffield. SI 3RD!

Deal, flies- & Fit Iflted. -niton. & 7hur.

Sun Alliance Fund Man ag eme n t Ltd,
Sun Alliance rise., Horsham 040364141

UK SpectM FOTrii

Assrts —

Recovery. —

Smaller Cm

tec. MU. Sits

UK Blue Chip — .

Wgh taran Faeds

Nat- High Inc.

Extra Inc — . . -

Inc. & Growth

cm

Commodl
FnmncbJ

Gold & G ene ra l—.-.

Inv. Tmst Shares

Minerais 55.4

Prop. Shams- 7*3

ESSSfcz-

Am. Spec. Sis.

Fir East —

Hoog Kg. Perimnee-,

Inti. Gmrih- 1

Japan Peri. Tst

General Freds

§arffec=H

Professional..— B77 8

Shield p63

Exempt Finds

atss=x?

77 London WaH.EC2

fi jssssar ™ 1

IS^E-^fl^daregAprira.

3 95

4 AO Crievesan Management Co. Ltd.

4-65 59 Gresham Street, EC2P2DS
Bamngtre April 21-.B41.6
|-aa| 832 (Acorn. Units)—. — CL5
J4O.1I 16.71 Vgo.H.Y.te 22__ 1740
87te -03 6.92 (Araon. Unrtsl— — 26T9
art -Ol{ 11-70 Bregw. G1R April 20 986
1423 (Accum. Units)-- 109.4

hiu

Guanfiae Boyaf Ex. Unit Mgre. Ltd.

2J16 Rpfai Exreugr. EC3P3DN 01-6288011

aS> Ug) GuanffiHI Tst — [137.0 14L9| +05) 4.41
129

Kendereen Administration («) (b) (c>

Tel: 074279842 Swiss Life Pen. TsL Man. Co, LfaKaXO
b-12Cheap«de. London, EC2V6AL. 01-2363841

Equity OSLi- 1

^eKnLasLt'"-

Fixed Int. ACC.T 1004.60 _ .

•Prices re flnfl 14. Nm deWng My
tPdces at flprfi 7. Mem real mg Mv

Target Tst Mngn. Ltd. (a) (g)

ZJ4

2.14

4.95

4.95

GiHiFnd.lm-

Do fr d ?. ,..+ ..reHi..re

Hignr^w

Do Act —
income— ..

Do Act-

Japan and Padflc

Do Act

North Ammon

Do Att .,

Overseas Growth —

Do Acc . .

Eaaty Exempt* .. ..

°° *-£rFJtS a’fliimf fi^Mext d Mtop April '30.

t income

Minster Fund Managers Ltd. Padr<cReinv

hUnstar Use , Arthur Su, EC4R 9BH 01-623 1050 '"°° ™ i

£1 tt HS5S=

MLA Unit Trust MnginnL lid.

Old Oueen Street, SW3A 9JG. 01-222-8177 Proha-ireal A<xt)?1

MLA Umts [996 10*3[ . ...J, 4.02 faultyBi. Agil gl -gEJ

E«Jlty Ex. April 21 ...]49L4

Murray Johmtfine U.T. Mgnt. <_al

5.04

.5.04

m

MM

47i +0

« & ^

» - 31, Gresham 5L.E.C2
9-S Corenodi t y

IS

liwstnwnt Tnst

Special Stiureona —

Amerm Eagle

U-S-Spel BmdFd-.

Dealings: 02% 594L

" +« -5l

+04 451

aa M

406
+ 0.6
+04

M21.

162

3.42

t-C; ncnonwi wxnmmnuiM <n / Murrav American I

238 P remier U T Attelio, 5; terietgh ted. HuteL Murra y European —tel
Brwnrood. Essex. 0277217238 ifcrray Snlr Cos. Fd.-|73

^ T -W T ..... .

For Tower Umt Tmsl pluse see
Dunbar lint Tnra

UJC Fuads

, 1 Cap- Growth.

f§2 I ne. & Assets — I

'^Kphrer Freds

Inc. & Growth.. 1492

i til tec

For Britt* Lire Office see Beftrece umt Ma. 47 ?

Brown Shgdey & Co. Ltd. (a)(g> ' ggt^ 1 * SI

Karl amis Hse, Haywards Hth, Sx. 0404-58144 Find IntneH— - Go

B5. umts April 20 - - - -

B.S.toax April 20
FiwxaaJ

163, Hope Strew, Glasgow, G22UH. 041-221 5521
‘ - SOM I 40

i 3 09 Trades Union Unit Trust Managers

OMlmg day Friday. 100. Wood Street, E.C2. 01-6288011

. . TUUT April 1 1656 69Rd ....J 509

Mutual Unit Trust Managers (a)lg> Tr»vra«raiKc rare Ren Cw. tr\ («\
Broad SL Ave., Biomf*ld St, EC2 01-6383911-2. I!*”™".”.*”. 6 ? 1 -. ***■

Muual Sec Pkc..„_ [516

Mutual Inc. T9 76.1

Mutual Blue Chin . .. 49 5
Munai HignYmT. [55.1

National Provideiit Inv. Mngre. Ltd.
48. Gracechurth St., EC3P 3HH.
NPIGtn.Un.TsL .-..[710

( town. UrrttS) r

ipir - L

... l(rseasTrist«"-P79.5
(Araan. Untts)-*-_.-P076 219.'..

**Pnces do Mardi 25. Next dealing

National Westminster (a)

161, Cheapside, EC2V 6EU.

■ .11110

91-99, New Lredre Rd, CheUndenL
Bartaran April 22.- -UOOa

tfloum. Unosl 1&L8

Colemco April 23 1857

iAcam Llnhs) 2b7J3

Flritfinq Int- April 72. 1012

■ Accum. UnrtsT-.- U44

“ - - -- h3T

Mahgd. Tsl Apmzi. 53 0

(Accum. units; 66.7

Wdcmoor April 22__ 87 0

(Accum. Omul— UM

WcHrxxvI>v.A(r.23.|73
(Accun. Units).

v01| 7,

1;

Ltd.

01-6234200 Vtmg- Gvwh. Aprirai:

+0.1| 540 lAocum Umtsi__

. ... 5.40 Vang- M-Y. April 20-

0245-51651

Growth Inv..
income..

®4

Budonubr Hanaoeneiit Co. Ltd.

47.7

Japanese & Pac. 6Uv 433
NotteAnvCwth-Ta- 527

Portfolio Inv. Fd 79.1

Rearery Tnat_ 466

Smaller Companies —173.6

NEL Trust Managers Ud. (a) (g)

01-6066060

2.77 Tyndafl Managers LtKaXbXc)

H * ansr nsm

1354

■Accun. Untei 2426

InL Eras. 75.4

Hexagon Services Ltd.

Canada Life Unit Trust Mngre. LUL 4 CL St- Helens. Eomton EC3P3EP 01-5510094

2-6 HlffliSU Potters Bar, Hens. P. Bar 511229rewin Ind. Gr. inc...M04 52(8 - -J 429

Can. Sen Dot-

Do. On. Accum

Do. income test

Do. Inc. Accum.

Gilt & F*d. IM. Trust.

4.78 HBI Samuel Unit TsL Mgre.t (a)

LX 01-6288011

|70 45 Beech Sl, EC2P2LX
<h» British Tnsi

^talTrre....

Capri (James) Mngt Ltd.
100, Ofcf Broad St, EC2H IBQ.

Capital 11213 129.

Income :.|923

11.111

** b .

g Dollar Trust —
g European Trust

01-5886010 2 FtaSSrwZ
1 •tn&Fad.lie.TsL.'

NBrihAjiiericw~~Jil59 j 123j . | 261 B S£'ySStS:I

Prka m Apnl 21. Next dealing Apnl' 28. * e IncweeTnsL™..,.

Carr. Sebag Unit Trust Maaagere(a) g Nat Fteomta Tsf
57/63, Prtoa.Sc, Manchwe^ 061-Z36 5685 6 Seerety Trng —

8 ? 3 I£S:B ¥ 1 “te&iS.isB

4.76

434

1.41

3.91

(Accun. Umb) 995

Mihon Court, Darting, Surrey. 03D6BS7766 North Amer Grth. 685

Mehtar 175 8 79.7UI+aa 4.77 '““reiUrtts) g.9

NeHtar Gilt & F.i 5i5 51ffl -03 936 Far Eaae rn_ . 56.6

Netsur High Inc. ».l 40jJ . .71 861 'Affam Unrtsi H12

Ndstar International. [57 3 603 ! 465 ft" ??&»

I ACCUTTX UlTOl.v.^^... 10/.**

Northgate Unit Trust Managers Ltd. (cKy) gg" 1 ^
20. Moorgaie. EC2R6AQ 01-6064477 Sco. Ind!.. i 1W6

Manhgaie Apnl 22.. ..{1037 llOte I 5.62 Etei. HMCta.Gmh. B50

(Accum. Unis) D15.4 1224 . .... 562 'Actum umt*) 1030

Ldn. WiS Ex.lrtGwrii 23.5

Norwich Union Insurance Group (hi »2

P.0. Box 4. Norwich, NR1 3NG. 0603 22200 ^

Cra<u Tsl • Fund [519 0 546.31 +0 B| 526 LdSwS ta S PnV F 7

Pearl Trust Managers Ltd. (a)lg)<zi iSl wS ^c'.'sT& ! 363

+oa

. 01405 ?*1 1 T * nd * a 4 Co^Uepodt Funds

36 SOS *03 483 DerraixtFmd- | — — I .... 112.95

503 »02 4|3 Money Fund- _.] - - I 1?S0

4?.j3 -O 6.99 *Uwiithresed-Cash Depom Funds.

5.6b

466

HK Umt Trust Managers. Ltd. (a)

CharitKO Charities N/R Find^ 3 Frerenbrt pl, o« Jewry, E(2 01-5884 ill

15, Mooraaie, London, EC2. 01-638 4ia"Si™rtGMTsL _ [30 2

income Horen 31 I i»w I 1 i2.M!isB«ltilnirp»Ttt._

, .... 252, High Holborn. WC1V 7EB.

Pearl Int, 994

(Acaim.UNB) 171.9 774] +0.ll 566 *5B Ufll * Trusts (b) {t) (y)

xa-,, PO BtK 3. Keens Hw, Andover, Hank SP10 1PC.

SfaiS’i IS P«J1«I Uttfl# Admin, ud. (glut) 0264 62188. Deohnte ip D2b4 634323

486 57-63, Princess Sl, Manchester. 061-2365685 JSB .American [Si 5lj4| +OJU

PeUwiUmts [232.7 142.7nl| +0J[ 481

Do. Accun. 96.9

Da, flaunt. MfirJl.

«B5aSS£5

Charities ftfffcU invest. Fund# hkISSlSSSs"

77 London Wall, E(2N1DB. 01-588 1815HKPrtroteT£Z_:

Income Maroh31.„.| 166.80 I J 723 HKSmaNer Co’s TsL.,

Actuo. March 31 I 421.44 | — HKTedmo(Dg y Tu._|

Chieftain Trust Mangers Ltd (a) (g)
11, Naw Sl, EC2M 4TP.

AmenaatrL- 1273

Australian (|1_ [186

Far Eaaern Tu. (i)..l|53

luvestnwnt Bank of Ireland (a)

iJS* 1 Trua M7- ._:|4l
Basic Reuuits Tsl .!

I non. GrowlhTsL —

01-263 2632. Ptwnier UT Admin, 5 Rayleigh ted. H utton. 222. BbhUKUtr. EC
29.«tna L52 Brotawcre, Estex • (©77)211459 p^ Hk Fa>E«l

i9-| ig boh Brit&ffare_.gai _ 53.^.. ^ 3js ksss qK. KR: :::

Perpetual Unit Trust Mngmt fal —

46. Han Sl, Henley on Thames ■ 049126668 ffiSSE^Z raff)

Gruretfi m.4 8731 . ....j 3S TSBteiSc ~™. 441

LTEHT-’-v? Ml IS. Do. Accun. ^._441

Mtoidwidr RKBvery.|476 SU| ] 300 T SB Scottish 123.2

Practical Invest. Co. Ltd. fy)ic> tsbs1S 1 Sps.“™ 100

44. Bloomsbury So, WC1A2RA 01-6Z3B893 Da Acorn.

“ “ML

Provracial Ufe Uw. Co. Ltd. (biUtaerD«wili__|443

Mere April 2L Next uto. day

S££SJ&r-BS

Cboutarlon Fund Matragers(g)

57.-63. Ptineres Sl. Manchester
Growth.. ....

ImernMionm
High Income

Confederation Funds Mgt. EidL (a)

3ta +oj

373a .. 1 1165

44Jt*o.a

tfl.9 3 1)3 Worship Sl. EC2A

I Investment Intellluence LbL til
4 2AB.

, EC2.

. 56

542

Prolific High Inc ftOJl

Prolific lliu — K07

Prolific Nth. Amer ... 51-3
Prohlic tec. Sits. ...Bl 9
Prolific Technology. _|49 3

0232352JI
<7 6| ..._J 5.78

W 33 Unit Tnxst Account & Mgmt. lid.
"3-OJI 154 RrgnH<«, KiegWinuan Si. EC4R9R. 01-6234951
1.3 Friars Hse. rum *—154.7 583 .—4 468

L« NOTES

436M

- 0 . 1 ,

+0.1

+04|

ws Sl, Mancheser. 061-36 SMSKey Fund Managers LW. fal(g)
i teaa *”l.Pa»ernosterftra,EC47DH - 01-2483999

25

n _nu i is Prites are m pwc unless otherwise hnkemed and
+D3J 2-38 fhw designated 5 ndh tv prefix refer to US.

Ltd - *3 uej a^^'Tswssrsaara

EC1N rtpemes bTottv^ pnees. c YWd t»M on offer

CBC3SU-^=HI M M iffl d

'BBSfc;

50, Chancery- Lane, WC2A 1HE. Ql J 2O202E2Kpy RreSTm 1 ?!'" «?'□
Growth Fund |7M 82.91 .—J 4.48 Key Small C Fd„jl7VS

962

1460

Quitter Management Co. Ltd.

32-35 Gresham Street EG?
i flram Gen. Fd [167.0

... Income 0306

Quadrant Inti. Fund ...D4 3-9
auadrnm Recovery u

g Today's opening price,
h DKlntuUon tree of UK taxes, p Penmhc
premium uhurqnce plans, s Sm#e preonum
instajmre. a Offered pm* inctudn ait expenses
02-6004277 ertt0 , iWB i*s ewnnl55 jBn y Offend price inefuriK

-• J IS + 0 evpee 6 es it bouqm through manaqerO: Piexitws
^1-0 7-S? rter’s price 1 Guernsey grass a

♦ YieM before Jersey ih. t E*.

# Only avadaotg m ctariutf* boM*.

24

Coapaaies and Markets

LONDON STOCK EXCHANGE

Market recovery consolidated and share index closes
16.4 up on week at 567.1— Oils feature again

Account Dealing Dates
Option

•First Declare- Last Account
Dealings lions Dealings Day
Mar29 Apr 15 Apr 16 Apr 26
Apr 19 Apr 28 Apr 29 May 10
Apr 30 May 13 May 14 May 34

•“'New time" dealings may take
place from 930 am two business days
•inter,

London stock markets ended
the first week of the current
ttadmg Account quietly. Yester-
day's slightly easier tendency
contrasted with the performance
earner in the week when
unproved sentiment about a
peaceful solution to the Falk-
land Islands dispute took
markets shrarply better.

Falls in leading shares were
modest and mainly reflected the
absence of fresh investment
demand as potential buyers held
off awaiting developments in the
Falkland^ dispute.

The relatively steady per-
formance was well illustrated by
the FT 30-share indev which
showed a loss of only 2.4 at its
lowest of the day and closed 1.9
down on balance at 567.1. Over
the week, however, the index
recorded a net gain of 16.4, and
yesterday’s close was only 3.9 off
the level before the Falklands
crisis made its first impact on
the market three weeks ago.

Still refecting the sharp cut-
back in OPEC crude production
and encouraged further by the
increase in the Rotterdam spot
crude price. Oil shares made
another good showing and
helped to take the FT-Actuaries
500 share index to an all-time
high of 354.0.

Gold shares showed a late
burst of strength in line with
an advance in the bullion price
on weekend nervousness. A
rise of 9.4 in the Gold Mines
index reduced its fail on the
week to one of 5.4 at 260.6.

Gilt-edged securities also put
on a steady performance and
consolidated most of the sharp
improvement made earlier in
the week. As with equities,
there was no noticeable
deterioration in sentiment with
underlying confidence being
given a boost hy the reduction
in the retail price index and by
the fall in this week's Treasury
Bill rate.

Inclined easier initially
throughout the list, most quota-
tions picked up and ended the
day little changed. The Govern-
ment Securities index closed a
shade off at 67.61. but still
recorded a rise of Ml on the
week.

Composites down again

Composite Insurances ended
the week on a dull note.
Renewed smalt offerings and
lack of support following recent
adverse comment left fresh fails
ranging to 7. Royals closed that
much down at 323p.

Still worried about the group’s

substantial Argentinian assets,
Lloyds cheapened 4 to 4lSp.
Elsewhere in a quiet banking
sector, ANZ reflected domestic
advices with a gain of S to 255p,
while Ottoman Bank put on 2
points more U> £56{.

Outsize clothing mail order
concern Andre Dc Brett made a
quiet debut in the Unlisted
Securities Market: the shares
opened at 61p and closed at 62p
compared with the placing price
of 60p.

The undertone in Buildings
remained firm, but business was
slack. Bine Circle hardened a
couple of pence to 464p; the
preliminary results are due next
Wednesday. Tarmac, reporting
the day before, also added 2, to
490p. while George Wlmpey,
preliminary results due on
Thursday, hardened a penny to
108p. Tilbury Group, a thin
market, put on 7 for a gain on
the week of 77 to 402p in
response to the return to profit-
ability and on the capital
reorganisation proposals. P. C.
Henderson added 5 to a 1982
peak of 165 t> and Phoenix
Timber 6 to 7Sp. By contrast,
selling in an umf\ng market
left Rohan Group 21 down at
165p.

Interest in 1CI was at a low
ebb in the wake of the chair-
man's cautious remarks at the
AGM and the close was 4
cheappr at 3l8p. Elsewhere in
the Chemical sector. Coates
Brothers A improved 4 to 77p.>

Leading Stores finished the
week on a quiet note and most
held close to the overnight
levels. Marks and Spencer eased
a penny but retained n gain on
the week of 9 at 153p; the annual
results are scheduled for next
Thursday. Gussies A. currently
bidding for Empire Stores, eased
a counle of pence to 493n, still
un 15 on the week: Empire
added 2 to 106p. or 7 below the
offer terms. Business among
secondary issues was dominated
by company trading statements.
Bentalls firmed 2 to 40n follow-
ing the increased preliminary
ndofits and dividend, but Owen
Owen, which revealed a full-year
loss on Thursday, gave up 10
more to 160p.

Among Shoes. Stylo, a nervous
market of late, advanced IS to
123p. after 125p. in resDonse to
the bumper annual profits.

Plessey firm

Plessey came to the fore in
Electricals, rising 7 to 377p in
response to investment buying.
GEC. still stimulated by the
£250m. Soulh African turbine
generator contract rose 5 more
for .a gain on the week of 34 to
839 p. Elsewhere. Amstrad

revived with a rise of 10 to 235p
and Quest Automation firmed 8
to 75p. The agreed sale of the
company's Irish subsidiaries to a
Norwegian and Irish consortium
for £3.2m helped Ward and

Goldstone to improve a few
pence to llOp.

Still reflecting comment on the
preliminary results. Hawker
advanced 8 more for a rise on
the week of 28 to 324p. Interest
elsewhere in the Engineering
sector was minimal. BoJlough
hardened 2 more to 190p on
further consideration of the
£3 ,2m acquisition of Propafior
and the board's encouraging
remarks about current-year
trading-

Tate and Lyle reacted to 200p
before closing a net 6 down at
202p on news that Redpath
Industries of Canada, in which
the company holds a 25 per cent
stake, had incurred a second-
quarter loss. Recently firm
J. -Sains bury and British Sugar
shed 5 apiece to 600p and 475p
respectively: both companies;
annual results are due soon.
Revived demand in a thin
market lifted Somportex 7 to
112p for an advance on the week
of 37p.

Sothebys jump

Continuing to rally from the
recent depressed level of 275p
which followed news of the
boardroom shakeout and profits
warning, Sothebys jumped 30
for an advance or 65 on the week
at 350p; sentiment yesterday
was buoyed by hopes of a lucra-
tive De Beers diamond auction
in Geneva on May 5. Elsewhere
;in miscellaneous industrials,
Beecham fell 9 to 22Sp as a large
line of shares was placed through
the market. News of further re-
dundancies clipped 4 from Pilk-
ington. 250p. while Rank lost a
similar amount at 17Sp. Still re-
flecting Press comment, Beecham
hardened 2 more to 24Sp and
ttae recently buoyant Glaxo also
edged forward 2. making an
advance on the week of 40 at
632p.

Revived speculative buying on
hopes of a full-scale bid from
the Metan Investment Company
of Liechtenstein, which already
owns a near-26 per cent stake
in Inter-City Investment helped
the latter to touch 55p before
closing a couple of pence better
at 53p. Pentos hardened 2 to 14p
on management's buy-out of a
subsidiary. Currently in receipt
of an agreed bid from Redland,
Ca woods improved 6 more to
290p, after 292p, while Dentsply
9 per rent Convertible gained 3
points further for a jump of 29
on the week to £93 following the
board's reoayment plan at £90
per cent Solicitors Law eased 2
to 28p on poor annual figures
and Amalgamated Metal gave up
4 to 546p, also on disappointing
trading news.

Samuelson Film Service, a
thin market, jumped 25 to 160p
in response to the increased
interim profits and the board’s'
cheerful statement

Among generally idle Motors.

York Trailer continued to benefit
from the encouraging tenor of
the chairman's progress report
and added a penny to record a
three-day gain of 6 at 19p.

" Among Publishers, Pearson
Longman succumbed to profit-
taking in the absence of news
about the lalks with parent S.
Pearson and fell to 322p before
reqpvering ot dose 4 cheaper on
balance at 329p. International
Thomson, which announced
annual figures earlier in the
week, jumped 14 more to 292 p.

Properties, already a shade
easier, encountered scrappy sell-
ing towards the official close.
Land Securit ies fi nished 7 down
ax 2Slp and HEPC 3 off at 200p,
while Great Portland Estates
lost 6 to 170p. Elsewhere, Mark-
health Securities, dealt in the
Unlisted Securities Market,
added 5 to 170p following the
profits forecast and the decision
to apply for an official listing.
Cussins Property, also dealt in
the USM, added 2 for a gain on
the week of 10 to lOOp in res-
ponse to the annual results.
Lend Lease jumped 19 to 194p
on Australian advices.

Oils bought

Oils mad? another strong
showing in the wake of the good
performance of energy stocks on
Wail Street and the hardening
Rotterdam spot price. Shell rose
14 for a gain on the week o 38
to a 1982 peak of 416p, while
British Petroleum put on S for
a week’s advance of 34 to 320p.
Ultramar firmed another 16 to
433p and Lasmo 10 more to 350p,
while Trfeentrol gained 8 to 22p.
Carless Capei put on 7 to 183p
and Candeeca 4 to 200p awaiting
the Humbly Grove drilling . re-
port, while Press comment
prompted support for Jackson
Exploration, io up at 104p, and
American Oil Systems, 8 to the
good at 114p. Renewed buying
in a thin market lifted Hamilton
Oil 9 to 103p. Against the trend.
NCC Energy dropped 8 to 55p
following adverse U.S. Press
comment about the company's
links with Simplicity Pattern.

Overseas Traders generally
fini&ed with modest gains. Steel
Brothers continued to attract
speculative support in the wake
of the annual results and added
3 for a two-day gain of 28 to
233pJSoustead were briskly
traded and touched 7Qp before
settling for a net gain of 2 at

66p.

Golds advance

Shippings were mixed. Press
comment highlighting the com-
pany's asset value prompted sup-
port of 'British and Common-
wealth which jumped 10 to 412p:
Caledonia improved 15 to 382 p.
Renewed speculative demand
lifted Milford Decks 9 to 132p
In contrast, Lyle reacted 13

more to 232p on the chairman’s
profit warning. *

Milting markets closed the
week with aa impressive display
of strength with almost all
sectors advancing rapidly in the
wake of the higher bullion price.
The latter moved up S8J25 to
3352.50 an ounce reflecting in-
creasing nervousness about the
Falkland islands and the Middle
East situation.

Golds ended sharply higher
despite the generally reduced
profits in the March quarter an-
nounced this week by mines m
the Angktvaal, Johnnies, Gencor.
Barlow Rand and Anglo Ameri-
can groups.

The improving bullion price
coupled with general satisfaction
with the dividends announced
yesterday by the Anglo Ameri-
can Orange Free State mines
encouraged widespread support
and persistent bear covering
which left quotations at the
day's best levels at the dose.

The Gold Mines index res-
ponded with a rise of 9.4 to
260.1.

The recent upward movement
in Australians gathered
momentum with heavy and per-
sistent buying of leading and
speculative issues.

The strength of the market
was attributed to rumours of
another oil discovery in the Can-
ning Basin, scene of the BUna 1
oil find, hopes of a recovery in
metal prices and the market view

that the sector has been over-
sold.

The Canning Basin rumour
was cited as the main reaeon for
recent sharp rises in Western
Mining, which yesterday ad-
vanced 11 to 240p--ap 24 on the
week-end Australian Consoli-
dated Minerals, 3 firmer at a
19S2 high of 23p and 9 up cm
the week; both companies hold
exploration permits in the Can-
ing Basin, as do Eagle Corpora-
tion, 2J higher at 23}p. and Swan
Resources, which jumped 10 to
45p.

The leading metal producers
showed Peko-WaBseud 22 to the
good at 292p. '

In Goals, Qahbridgc moved up
10 to 80p, while Golds were high-,
lighted by Poseidon, 8 higher at
ll2p. Among the oil and gas
issues, Santos continued to in>
prove and gained 20 more to
310p while Oil Company of Aus-
tralia hardened 2 to 24p.

Business in Traded Options
held up relatively well and 2.208
contracts were completed, com-
prising L9Q3 vti? and 305 puts.
The week's daily average
amounted to 2,131. the highest
since early February- Once again,
a substantial proportion of
interest was directed towards Oil
stocks; British Petroleum
attracted 472 calls and IKS puts
while Shell Transport recorded
418 calls and 64 puts. Lasmo
were dealt 147 times for the
call

OPTIONS

First Last Last For
Deal- Deal- Declare- Settle-
ings Ings lion meat
April 26 May 7 July 29 Aug 9
May to May 21 Aug 12 Aug 23
May 24 June II Sept 2 Sept 13

For rate indications see end of
Share Information Service
Stocks favoured for the call
included ICL, Premier OIL
Poseidon, Sun Oil Royalties,

Celtic Haven, Pancontinental.
KCA International, William
Press, Dawson International.
Chart erh all, Lloyds Bank, BP,
Marshall’s Universal, Westland,.
Howard Tenens, Sound Dif-
fusion, Riley Leisure, Slnglo,
Ultramar, Arrow Chemical and
Empire Stores. No puts were
reported, but doubles were
arranged in Arrow A. Amal-
gamated Estates and Lasmo.

RISES AND FALLS

Yesterdav

On the week

Britt ah Funds

Corpns. Own. and Foreign Bnds.

Industrials

Financial and Pro parti as

Oils

Plantations

Mines

Others

Totals

Up

Gown

Game

UP

Dam

Same

■1

S

84

248

82

125

2

13

fit

100

47

233

259

211

871

1.784

816

4.105

138

62

307

808

233

1.601

52

11

44

176

74

225

5

3

15

18

8

89

78

9

73

200

178

422

73

25

60

231

257

292

SOB

342

i7sis

3£65

1.705

7.062

LEADERS AND LAGGARDS

Percentage changes since December 31, 198L based on

FT-ACTUARIES SHARE INDICES

These indices are tin joint compilation of the Financial Tunes, the Institute of Actuaries and tin Faculty of Actuaries

EQUITY GROUPS

Fri April 23 1982

Tlrurs

April

22

Wed

Apnl

21

Toes

April

20

Mm

April

19

a

Highs and Lows Index

& SUB-SECTIONS

F«m ■> parertheus dnv mntor
of docfcswr section

Index

No.

Oat's

Change

%

ESI.
Eanmp
YieW %
(BwO

Grass

Dhr.

YWd %
lACTs
30%)

EM.

PIE

Ratio

(Net)

Indn

No.

Indn

No.

Indn

No.

Indn

No.

Indn

No.

M

High

«2

Lon

Sh

Csmr

HI*

»

Low

1

+03

9.74

4.33

12.77

370.49

36951

365.43

36052

364.69

38139

(3/2)

3511*

(14/1)

38139 (3/2/82)

50.71 (13/12/74)

2

li

-0.4

13.57

533

8.91

32654

32550

322-73

317.19

34014

(3/2)

29954

(«1)

34014 (3/2/82)

4437 (11/12/74)

3

+03

14.66

4.95

59161

589.76

581.14

57156

604.75

61853

(240)

52958

(6/1)

61853 (24/3/82)

71.48 (2/12/74)

4

1309-87

+06

7.10

Z26

tl.F/l

130L54

1301.62

1289.0?

127633

111144

1309-87

(23/4)

120568

(14/1)

130967 (23,<4/82)

84,71 (25/6/62)

5

-0.6

1359

6.17

8.66

496.66

497.17

48958

47756

493.40

(5/2)

47756

(19/4)

523JB (5/2/82)

64J9 (2/1/75)

n

11.61

5.99

10.44

193-63

19236

190-11

18730

23036

20508

(3/2)

18711

(W4)

23036 (24/4/81]

45.43 (6/1/75)

Ej

164 20

-0.4

Pm

733

12.51

164.81

164.43

161.78

157.72

18118

182-98

(29/1)

15519

(6/4)

19239 (4/5,79)

4965 (6/1/75)

93.67

+03

251

7.17

_

93.46

93.76

93.40

92-76

11019

EJEJ

92.13

(16/4)

17059 (15/1/69)

19.91 (6/1/75)

10

376.63

+03

9.60

562

12-68

37529

373.19

367.11

36151

39456

41053

(5/2)

35730

(6/4)

41063 (5/2/82)

27755 (15/1/81)

21

301.46

-0.4

1238

5.55

9.91

302.6]

302.72

298.14

29330

289.06

305.94

(2/4)

26559

(5ft)

305.94 (2/4/82)

6141 (13/22/74)

22

29738

15.90

657

758

299.10

300.07

29658

29450

313.47

■ 1 J

ia»5i

26100

(12/1)

32516 (16/6/81)

69.47 (13/12/74)

a

273.67

B

1552

6.62

7.72

27180

274.99

272.10

26556

262.91

287.47

(27/1)

26173

(5ft)

287.47 (27/1/82)

5967(11/12/74)

26

61139

-03

a79

339

13.88

61638

617.41

60632

58653

55150

62332

(23/3)

545.79

(5ft)

62332(230/82)

5435 0102/74)

27

427.48

+05

8.01

3.79

1453

42550

42136

411.10

404.11

310.75

Cil

338.70

(Wl)

17558 (28/5/80)

29

Leisure 124) -

448.73

-03

10.13

Ej

1233

449.62

45232

444.91

437.07

44459

46112

(2/4)

409.(0

(13ft)

476.41 (14/8/81)

5453 (9/2/75)

32

52636

-L0

1051

5.95

12.95

53L65

53236

53L06

523.15

51124

537.63

(5/4)

47139

(14ft)

53763 (5/4/82)

5558 (6/1/75)

33

14438

-1.4

15.89

737

734

14636

14758

144.99

142.10

15932

150.15

(17/2)

130.74

(5/1)

161.79 (1/5/81)

43.46 (6/1/75)

34

Stores (451-

274.71

-05

1036

438

12-93

27618

27558

27056

26759

288.94

284.09

m

238-02

Wl)

29406 (30/4/61)

5263 (6/1/75)

35

Textiles (23)

172.78

+0.5

955

5.81

17195

171.79

17055

16750

168.77

177.B

(2/4)

15191

(5/1)

235.72 [17/1/67}

6266 (11/22/74)

36

-LI

1933

8.23

5.89

32039

319.41

31657

315.91

246.01

324.70

(2/4)

25128

(6ft)

339 J6 (2/8/72)

9454 03/6/62)

39

29435

+8.9

L71

536

—

292.03

29154

289.96

28654

309.62

29736

tm

24737

nn)

31L4Q (1/5/81)

22964 (28/9181)

41

-03

1334

6.17

M-I»'f

253.42

254.61

25158

248.75

246.97

26141

(2/4)

22868

(5ft)

26141 [ 2/4/82)

5863 (6/1/75)

42

dJ

■Tit

33610

336.96

333.91

33L43

309.90

35338

(110)

29759

(Sft)

35358(11/2/82)

7130 0/12/74}

44

Ir Wil!M * 1 ICTBH

120-21

-15

S*

VTT

K'TvT

122.08

123.62

12L17

118.45

127.99

13188

(29/1)

116-97

05/1)

246.06 (1/9/72)

4534 (2/1/75)

45

lAMPffrSiV+'lgltkil

551.90

-0-2

6.11

552.93

55205

552.75

54650

644.76

58736

(5®

515.46

(SftJ

644.76 (24/4/81)

90 JO (29/6/62)

46,

MiscettaneoiB (45)

+03

iEEj

32358

323.94

319S

314.15

30655

33555

■251

33555 OmZi

6859 (6/7/75)

44

9

-03

BID

EH3

ETvFI

315.14

310.40

30931

323.44

-S3L

■SEI

51

l’r-7%/,

BD

MED

'CD

fsm

ti'H'ii

fSEJ

ISE1

■0351

eei

59j

im

IBS

lUB

fcjiifcl

EIT3

ESP

mzri

ISC1

r?n

i

1

dTTtSEBJl

61

62

63

Financial gmwp (ii7i

247.99

26733

-05

-03

39.28

6.64

8.01

2.79

24950

26830

24966

26754

248.98

266.71

K3

26453

26753

24465

26031

(15ft)

(15/4)

Z79.45 (1/9/81)
304.42 (22/2/82)

5538 03/12/74)
6244 0202/74)

DisctxiM Houses (9)

226.78

-0.9

956

22836

229.19

230.75

21838

3E.05

246.71

■ flrlj

mis

am

8140 00/12/74)

65

66

Insurance (Life) (9)

(Rsnranz (CorapositeKlO)

263.08

152-10

-03

-L2

—

6.95

930

Z

263.40

153.99

26LS

15559

26039

15651

25553

15174

27175

167.43

27039

17178

wM

24318

14851

(12ft)

am)

298.44 amn

U8.09 aim)

44 J8 (2/1/75)
43.96 (13/12/74)

474.0C

1L 11

5.37

12.27

47400

47636

47553

462.44

38258

487.13

(20)

41059

(13/1)

48713 (2/4/82)

6566 (16/12/74)

68

Merchant Banks (12) —

146.60

+05

5.70

—

147.04

146.63

145.75

16100

156.03

mri

14413

(150)

27857 (1/5/72)

3121 (7/1/75)

-12

5.02

3.51

26.63

439.46

436 42

43354

43 LIS

51152

46836

iBbi

42463

(15W)

517.77 (2/4/81)

56.01 (20/4/65)

70

Other rmaddal (15) — ,

369.48

—

1854

6.73

6.24

16955

171.49

17038

FttTI

17233

18935

Mil

167.83

(19/4)

3329 07/12/74)

71

81

41

■ I', 1 ".' 6iJ .'llfk^ll

n;-6VJ

Dli

5.46

B

293.16

291.14

288.60

28650

31810

31965

(U/2)

28353

(6/1)

332.90 (17/0/81)

If

6.67

'm** t

Ml.W

71311

21057

3951

240.44

24176

EjcJ

196.96

(150)

29636 (14/8/81)

I’l-irW/Ti*

Overseas Traders (17)

Bs

8.51

itfd

370.40

37119

36756

36319

47855

438.99

36319

m

99

ALL-SHARE INDEX (7501

326.70

+02

E

EQ

a

325.96

32450

32L42

31731

33187

330.93

(29/1)

30632

(13ft)

33864 (17/8/81)

6172 (13/12/74)

FIXED INTEREST

PRICE

INDICES

Fri

April

23

oat's

ChMta

%

Thun

April

22

id ad),
lodat

xdadj.
1982
» dale

MU Cererameirt

1KU3

+069

2UU0

3.99

109.01

-OlOZ

109.04

453

3

Oner 15 stars

111.98

-« as

11263

—

4.93

4

IrredNoaHn

119.04

—

11904

—

162

5

AflStods—

11038

+0J1

HO 67

-

455

b

Bebratana & Lens

86.46

-0.03

86.49

-

384

T

Preftfem

63-67

+0JW

63.61

-

268

AVERAGE GROSS
REDEMPTION YIELDS

14

MM fimrmacat

Low
Coupoa

Medan

Coomb

High

Cocpws

ImnktaHhlo.

5 jean

15 yean.—,

25 jean.

5 Iran

15 yean —

25 yean

5 JMTS.— ..
15 yean.—.,
25 yean —

Beta A Lean 5 yean...

15 yean..,
25 yean...

Preference.

Fri

April

23

12.M

12.95

12*

H29

MM

3351

M2B

M2

13.7*

12jM

15J4

1455

14.87

15.48

Ran

April

22

12M

12.94

12.93

K26

1UM

1354

1417

MS

13.77

1257

1UI

1454

MJ5

1550

Year

taprax.)

1L62

1210

1220

13J5

1352

1334

1330

13JB

1355

1U1

MM

MM

MM

M47

1982

Hiqfa

1349 (5/1)
1428 (5/1)
1432 (12/1)
16,41 (32/11
1U0 (5/1)
15.46 02/1)
M30 (VI)
1638 (5ft)

mi 02ft)

1364 (32ft)

17.07 02/1)

16S 02ft)
MJ2 02ft)

MS (lift)

Utt (1/4)
1253 (230)
1233 (230)

1375 am

1347 (230)
1104 (230)
13-67 (300)
1166 (230)
1U1 (230)
12M 080)

MM (240)
1447 (240)
14.47 (2401

15jB2 (2601

Equity section or group

Other industrial Materials.—

Other Consumer.

Health/Household Puds.

Other Groups —

Oversew Traders

Engineering Contractors

Mechanical Engineering —

Office Equipment

Industrial Group

Base dale

Base value

Equity section or group

Base daw

Bata value

31/12/80

287.41

other Fi renew

31/12/70

128.06

31/12/BO

238-14

Food ManulactiaiAg — —

29/12/67

114.13

30/12/77

261.77

Food Reta»ng —

29/12/67

. 114J3

31/12/74

63.75

Insurance Broken

29/12/67

96-67

31/12/74

1OO.00

Mining Finance —

29/12/67

100.00

31/12/71

153M

AllOther — — —

10/4/62

10QG0

31/12/71

153.81

British Government

31/12/75

100X10

128J2Q

Debs. & Lons — __ — —

31/12/77

10080

31/12/70

17090

31/12/77

76.72

r Fla, y*(£ A hsi of the constituents Is araliabie from the Publishers. The Financial Times, Bracken House, Cannon Street, London, EC4, price 15*. by post 2Bp.

NAME CHANGES' Arias Electnc & General Tst. is now TR Technology In*. TsL, CLRP Imr. T*. b now TR Australia lit*. TflL, Oty Of London Tst Is now TR City of

i™. TsUlndustrtalA General Tsl Know TR Indostrial & General Tst, MvmO ml In*. Tst Is now TR

^^srs^ss: 2- kt ILtPAmm t«., n TR Prep™, i*. t* ** ** ? m» ™

Pacific Basin liw. Tit., Sphere I ml. Tst. Is now TR Natural Resources
Trustees Corporation.

Health and H'Mhold Product*

+22419

Tobaccos

+22.78

Other Consumer

+ T7JH

Stores

+14J8

Insurance Brokers

+13.63

Consumer Group

+ 12.39

Food Retailing

+11.79

Chemicals

+11.28

Newepapere, Publishing

+ 10.82

Contracting, Construction

+10.70

Packaging and Paper

+10.26

Textiles

+ 9.90

Brewers and Distillers

+ 9.79

Other Groups

Industrial Group

+ 8.41

Building Materials

+ 8.17

Leisure

+ 6.99

500-Sham Index

+ 6.57

Shipping and Transport ,

+ 6J9

Insurance (Life)

+ 4.48

Att-Shere Index

+ 4.10

RECENT ISSUES

+ 3.88
+ 3-48
+ 124
+ 2-54
+ 1J38
+ 1.18
+ 045

- 0.14

- 058

- 0.63

- 1.44

- 1.83

- 2.16

- 2 J3J

- 6.5«

- 6-63

- 7.24

- 8.28
-1049
-18.47

EQUITIES

Issue

price

P

1=

IN

1982

!

Is_

i d _I

-"ill

sl

E S

p 5

E?

< CL

‘■I 3

1 IS a

High; Low 1

140

F.P.

1415

148

140

AIM Group 10p_ Jl4fi

+ 1 |bd6J6

1.9

142

F.P.

8615

212

186

203

-1 b3J

2.4

15

F.P.

16/4

28

19

CTrT.*iyf‘rry?ff

m H

1105

—

109

105

+Cass Group lOp..,,

109

ludZ.5

2 JS

60

F-P-

62

61

■ TN

b0^

2.1

—

135

raS.7

4JJ|

—

F.P.

—

26

21

■TTM

-

— ;f.p.

—

39

27

38

_

—

—

—

16

fktKJ iF.P.

14/3

250

]9S

F.P.

5/3

S3

89

+ lmm. Bus. Sys. 10o

-!

I 1

l-P-

—

275

267

FK- - , , -PI

IM7.5.

2.31

1120

Z-p,

7/5

134

122

R„n

|130

F.Pj

16/4

170

137

+ Oceonic* 10 p„

n|»B

Ibdl.5

4.T

D 1

FA

—

30

30

Dcprey Assets

■fri®

|F1.4

-

F.P.

—

42

39

P. H. Industrials

41

+ 1 |b3.5

1.8|

13d

13/5

141

135

136

+ 1 b2.8

1J3(

FJPJ

90

kil

rr.iiii!

76

+6 • —

-1

m!im

33 ! 16.7
5lB11.B

6.7

8.5

17.1

FIXED INTEREST STOCKS

Stock

23/31 105
29/4|l01J«

- 100*a

- 10018
- I 1 OOI 4 '

29/41 3pmi

saw

110 BoddlngtoneBrew 94X Cnv. Ln.2D00.06

10 ip Bristol Water 9% Prof

814 Cred. Fonder do France USX Lon .2807
ill* East Anglia Water 9% Rsd.Prf. 1987 _
13G First Nat- 12Jpo Conv. tins. Ln. 1087..

97 Hunting Pet. 10S Cnv. Ln. 1997.

101 it Leo Valley 94X Red. Prt. 1989

BBSs | Nationwide Bdg. Soc. 14U% (14/3/83).

' Do. 14US 14/4/83)

100*. Do. 14S.X (28/4/831

lipm Queens Moat 10*% Cnv. '89-91

loop tttopner* 114* Cum. Prf

193«iTrans-Canad Pipelines 16i£ Note* 2007

■o

O a

112
10k
22V
lllfij
136
97
100 1|
B93(

99=4

lOOlg

is i®

231?

!+«■

“RIGHTS" OFFERS

.cal Latest r
Issue i j Renunc. j 1982

pnoa ; g- i
P . <a

date

i £ ®

High ! Low

Stock

“a i+or

Q *- < —

5 a I

Nil

27(4

28/5

170

Nil

—

_

126

F.P.

21/4

28/5

AS1

Nil

—

—

70

FJP.

16/3

19/4

30

FJ» h

29/3

10/6

20

Mil

30/4-

28/5

5

Nil

_

160.

F.P.

22/3

29/4

120

Nil

—

146

Nil

18

Nil

—

_

6

F.P.

19/4

21/51

27

Nil

29/4

27/51

98

F.P.

16/4

4/6

74

F.P.

8/4

6/6

10

F.P.

24/3

23/4

133

Nil

—

—

2kpm

aogmj

164pm

106

60

21pm

iW

34pm
42 pm
9gm,

10? m

120

121 ,

IBpmj

14pm An shadier (H.) 5p.

20pm i Ban K Lsuml (UK) £1.„

136 Boazer (C. H.) lOp.

31,001 Bond Corp—

78 Clyde Petroleum....
60 Rr*t Castle 10p,.^_^.

14pm Fisher (A.)

S* pm [Grove be II (5pL

164 Hunting Pet. Services.

24pm Uney fFJ-G,}.

58pm Low (WmJ BOp

4pm|North Kalguri

6'riPJatignum 5p

-s pm Queens Moat-

■99 (Riley Leisure

98 rat. George's Grp. XDp.

2Q!*$turla IDp.

14pm Vickers

1*4 pm

20grai

I6gm

86

19pm

Sri

33pm
40pm
tpm, +5
71t

iST ::::

116

Ills

14pml— I

+a

+81,

a
+2
+ 14

-i”

H—nasd oM dan BtaMBy law dsy tor d— tog tree ol etemp duty.

— ■*_— P "»«» 9a *™**'^ 4 Dtvtdend tale peM or payable oa part of
°* dw d .— 1 1 •* ^ ontaL a As su med dMdaai and yta UL
t Indicated dividend: cover relates to previous efividsod. P/E ratio based on latest
tnmial esnungs. u Forecast dMdond: cover baaed on pn wri ou a year's aambigs.
FDmUafld and yMd bsssd on prespsetus or Other oBMei astfanstu for 1982.
Q Gross. T Figures assumed. * Figures or report swahed. t Cover allows for
nmrerewn of shares not now ranking for dividend or ranking only for restricted
wvfdenda. SPlscmg price, p Pence unless otberwfsa Indlested. 4 Issued by
I ORbred to holders of otdbwy shares as a ''rights.'* ** Issued by way of
----- — H Rafmreduoad. niwoed to coonecfion wHb reoi gsnfsit lon.

"If a M~ ovl> - Hjyredoe tl on. n Issued to farmer prefereaoe baMera.
■ Ament lensn (or fmty+jsld). • Prevtotond or perify-pskl affotmerit tonere.
■""US ■ ttDeeJtege ender apecM Role. * UnRstad Sacarides
UlMdM Utttofl. t Ofscttv* issoe price after aerip. tfiormeify
M to Wider Rtf* t88flE>{e). it IM samp.lMnj five wdlnsty ari tone
Cap. shares. A lisuad free >s- an enthlsnant to Ordinary holds'*.

Jlnwicial Times Satarday April 24 1082

FINANCIAL TIMES STOCK INDICES

*S5>;

AOfd-

92

tr 1

v.

ark;

29

April
16 .

A

yaar

ago

Government See*-..!
Fbied interest.;...:*, j
indu str i al O M .-.

GokfMnoa.,.,

Ord. Wv. Yield . ..... .

Earning t, YM.tTnUi
P»E Ratio teat)

Totaubargaina 1

' Equity turnover £m.,
Equity bargains ~

87^1*87^7
fiB>V 68-1 B
M7.L M9A

260.1

i S lS

11.48
15,415 15JI20
— ; 161,74

- : «, B60

290.7
5.82
I LOS
n.w

"67.87
68.38
567.4;
250.6
. 9.94
t IjDS;
11J9,
19,975
104 JW’
21,812'

87.45 97.06
67.75 63.40
B82.fi- 998-li
247.8 _ 255.5
9J6 2L6fl

26.12 nil

. 1L29 LL19
16,476- 23,979.
116.69; 77^3 '
12,462 9.393

98.90.

67.56:

S»,7*

266.5

IM

99.49

7I.W

SG7J

557.B

5.60

21.04

JJja

1L38
11.02
16,504 27,230
tf.80 263.26
12,487- 26,088

tO«mS587. fl am 567.fi NaaA 5670 ' T «rre 5857.

Z am 606.6. ■ 3 am 567.4. .

BS84 TOO Govt -5acs. "1firt0/2fi. F-sed l«. WCB. 1^-irar-^: CmS.
7/7/35. Gold Mtfttfr S£ Act.v.ly 1SW

- - 1«tMt indtK 01-248 9022.

- -Nil -10.80.

HIGHS AND LOWS

S.E. ACTIVITY

IMS

Since CompHat'n

Aaril

22

Apr-t

21

High

Low

High

Low

Govt. Gees—. 69iM i
. |25/3>. .
Fixed hit.... - 69.74 I
•; AW -j
lnd. Ord._.,.i S79.8 !

(28/1) '

Gold Mines.i 309.0 ;

, uni .!

— -Daily - -

187.4 49.18 “gag

; 13,1.15:. JSSffl:
160/4 ! 60.63 .- Bargains..
.. {2«Jlt.«7). (8.1.73) : Value . ......

518.1 ' 597.3 f 49.4
is:i) .(80,4.81) ;0*MB)'

SOSJI •- 658.9 43iS ‘Equitres
<&ti OX!9M\ rM'li.'Zli: Bargains,.

. Value

SI .89

|5jft

62.79

(Til)

133.5 192.6

81.3

306.7

76.5

212.1

14X.7 150.5

76.1

228.8

74.1

215.1

NEW HIGHS AND LOWS FOR 1982

Thv follow ins OttWISM In the .Share
iRtorrastMM. Sanrec ynlwAr HUM n— •
Hlgtn and Jmm far 198Z.

NEW HIGHS (58)

AMKRICANS (7)

Abbott Lets. Fort Motor

Bath, sun . Quaker Oats '

CUIcorp T store Pt

City Inr. Cm. Prof.

CANADIANS (1)

Bell Cantde

BANKS HI

ottoman Bank

BOIUHNG5 (6) .

CUD I ford Brlndlsr Tar mac •

Hrndarion 8R. cj TITbory Crons
SGB Ward DaU. . .

onwtiCAts oi

Coatee Brothers Costas Brea. A N.V.

ELECTRICALS (4)

A.B. Electronic . HtunbarsMa .

FMelhv Radio Scan Pita

ENGINEERING (4)

Bui loach Cummins 7L'M

du’istv Brothers GrcmbMt

INDUSTRIALS <S> .

Astborr & Msdclav Macftruoe

Crosby Woodfceld Pentland

Dentuly flpc Civr. SHcoUIbM

'91:96 Sratth a Ncehrw

Dvtsv BitvinasHc

LEISURE raj

Grampian TV A SamuedOD

. MOTORS (41

Genera] Meters Units Braroall 1C D.l
Adams A Gibbon Tate el Leeds

NEWSPAPERS IT)

Assoc. Book Publishers

- PAPER 43}

Assoc. Paoer Oeltrv « Mather

Cradlsv PruKme

PROPERTY HI
Mark heath M.fiac PM.

SHIPPING (1|

Brit. 4> Comm.

TEXTILES lit

• oetal Traltord Carpets

Can. Imp
Allelwno
Had land

■ TRUSTS (S>

Caledonia Inotnoo TR Nortb Af~JUKt
Fledfleltflfl ihvestownrj

OIL A GAS I5i

BP Carirst Cams

Barman oi: Shoii Tremoait

CCP North M '

MINES fSI
ACM CRA

BoosainylHr

NEW LOWS 134)

CANADIANS »«

Bank iu p. M.

STORES (2»

Oxen Oxen

ELECTRICALS «)

Petaew

DMiiacaMcm

Mollns

POODS ITI

PyliS

INDUSTRIALS 151
Amai. Metal Lox a sonar

Earn. Femes S-bi 2 w

Jenm A emeu

INSURANCE fS>

GcnsreT Accident Sun Alliance

London United Trade indento.tv

Royal Ins.

LEISURE (1>

Sooser A Mawfcrs

NEWSPAPERS (11
Utd. NfwuMpm

PROPERTY m

Apr* Properties Doon Dev. Cotst.
SHIPPING rii

Common Broth-rv L»lr Shia^np

London A Onrs-as Fnm.

OIL A GAS (St

Buis Rn. Chic Rnou'vt

NCC Enenrv

TRUSTS (1)

Mexico Fuad I rr.

RUBBERS (1>

Bertam

TEAS ‘Si

McLeod Rospm Da ■ Am cm p-<
MINES ra>

Gopeno Coos. PcnqLaier

ACTIVE STOCKS

i

Above average act-vity was nomd the v.vz-i

Closing

On 1
4h»"7*

Stock

RAT lads

BonstMd . . .

BP

Conduces

LASMO

Pearson Longman

price
pence
413
66 -
323
200
3SO
.329

4 2
- 8
- A
+ T0
A

Stock

Prtc- LVai.'Knr;
firrya 1 ifs .. .

7h«?:i Trope. '. .

r>ati-ahy% .
Tficoniri!
Western M n-r.q

vos’e'dn;

i-y

prija

Ccr.-*

: v.

322

An

213

ft«; .

C*S--.

- >j>

- 5

THURSDAY’S ACTIVE STOCKS

Based on bernsina recorded .*• S !; OHio.:! i
Thursday's

k ».

No. of closing

TSl-rSClv'S
t«n i'f clrsiry

pnes

price

Day's

pr.ee

Dry a

*■

Stock

Changes pence

C’lznpa

Stock

chancre

r.

ponce

e/Mis?

Shell Trans. ..

16

402-

+ 12

Imp C.mt, G-i«
Rn>a! l-.s

tpn

- >:

ICI

H

322

*i

.?:•?

LASMO

H

340

+ 15

Amarskum tori

10

2 ce

— “

Empire Stores

13

10*

—

Durios

10

74

GEC

13

834

4

GIjihd

10

an

_ *•

UHramjr . .

12

417

+ 10

ai?

in

■:<o

— *.

BP

11 .

312

+ 12

Tricontrol . ..

10

212

-■

5-DAY ACTIVE STOCKS

Based on bargains over the five-day period ending Thursday

Thursday's
No. of closing Change
pries price on

Thursday'*

No. of closing Chi—:?
once

Suck

changes

penes

week.

Stock

changes

wo; t

—

GEC .

.. . 86

83*

+ 42

Imperial Group

67

95

r.

Glaxo

«

630

+40

Shell Trana. ...

G7

402

icr

.... 81

322

+ 10

Cewoods

62

?84

4- ri.

RTZ

.... 73

440

+ 21

Fisons . . ..

&>

3T5

-Z'J

Beecham

.... 69

246

+22

Hanson Trust .

60

If. 2

BAT Inds-

.... 68

420

+ 20

Barclays Bank

56

-V.

BP

68

312

+ 28

LASMO

5b

340

+ 17

LONDON TRADED OPTIONS

April S3, Total Contracts 2808 Calls 1905 Puts 309
' I AprH ; July Oct.

Option . j E 5rtoo M te B i Vo1 - Vot - fX"*' v °l- ' S

BP Ic) |

BP (Ot
BP fol

BP (ei !

BP io
BP rp)

BP ip)

BP (B)

CU (o)

CU (c)

Cons. Gld (c)

Cons, Gld (o),

Cons. Gld (o)j

Cons. Old(p)f

CUds. («
cads, (cl
GEC (cl
GEC (C)

GEC (p!

GEC (p) .

Grtf Met: (ell

Gr*d Met. (cil

Gr'd Met. <o)J

Gr'd Met. (ci,

Grid Met. (oil

Grid Met.

ICI fei

ret (ci

i« mi
ICI to)

ICI (pi i
ICI (pi t
ICI (pi i

Land Gee. len
Land See. rev
Land See. (cm
Mka & Sp. (ci
Mks A Sp. (ol

Mka A Sp. tor
Mka ftfip. >ei
Mks & Sp- (cil,
8hel! (a
Shell (cl
Shell fa)

Shell (p/

Shell <p) t

Barclays (cj
Barclays (e)
Barclays (p)
Barclays fp)
Imperial (a)
imperial (c)
imperial (ci
Imperial (p)
Lasmo (at
Lasmo (cl
Lasmo icr
Lasmo rol
Lasmo ret
Lasmo icr •
Lonrtio to)

Lon r ho (ci .
Lonrtio (pi
P A 0 (ai
PAO (O .
Ratal fc>
Racal fc)
Racal (o)
Raod(p)
HTZfq)
R-rtJfc) .
RTZ(c)

PTZ (pi
VaaJ Rf*. (d
Vaal Rfs. re)
Vaal Rfs. (cl

260 i

380 |
300 i
330 j
360 1
280
300
330
130
140
390
420
460
300
80
90
800
850
800
85Q
140
160
180
800
220
220
260
280
300
330
300
330
360 i
280 ;
300 ,
330 ;
10O .
120
130
140
160
360 !
390 j
420 !
390 j
420

62
42
22
4 1
it!

1

4

16

3

2
B
2

4

13
61^
Us

40 ,

3 ie|

18

66

46

26

8

2

17

60

40

20

4
' 3

14
44

I rz

16

76

27

4

20

3

3

2

39

2
70
9
21
' I
2
8
41
3

3
10
3 !
7 ;
■ _ i
20 •'

70 ;

13 •

78 i

5

50 ■

5 !

62

34 ;

131 ■

42 1

57

13 1

44 :

24 ;

9

6 1

90 !

i

—

12 !

l

12 ;

66

18 j

71

22 1

® i

SB ,

13

14 1

3 1

18

9 ;
9 *. ■

10 ■

14|

—

5 >518p

12

5

27

131f|

7

70

38

16

35

73

53

33

19
9

20
70 I
60 ]

34
17 !
11 •
SO -
46 ,

75

6

40

11

10

2 I

23

1

4

2

22
12 I
37 :
16 !
I0ie|
94 I
64

24 i

25 j

Z i

37 j

22

12 :

26

- ,387p

— ' 85p‘

— 1

50 j839p

~z ; ’’

7 •
llj 1

1 •

24

14 :•

7 1

33

22

1

aasp

1

' ȣ

1 —

• 4 ,

10

3

55 ;
35 ■

i

68

38 :

2

'IMp

25 !

2

88 .

2

35

is. i

5 :

19 :

25

1 1

a ,

6 la-

20

. 11

66 ;
26 j

~ !

64 :

' 38 ■

37 =

70 ,
44 •

2

72

;41Zp

G i

188 j

22

125 i

1

'

2 1

— ;

12 j

u :

20 ,

50

14 j

— 1

22 [

as i

J

;

May

August

420

30

62

1

460

8

— .

*23

6

420

3

1

7

bOO

-56

60

1 J

80

18

31 .

204

7

224

00-

9

37

134

3 !

IS

2is

26

31 !

200

31 »

2

74

2 1

260

00

2

105

1 i

280

70

4

87

soa

SO

’ -

67

11 •

330

25

56

SO

3

60

360

14

62

32

8 !

390

»

19

5 ;

70

4

7

■ _ •

10

80

T «a

15

4

65 :

5 '

70

34

—

4

7 .

5 '

120

19

26

2 ;

140

5

• 4

11

14 !

550

67

77

560

36

14.

62

1 !

590

12

16

28

45

590

13

• -

20

3 .

S3

420

26

4

62

57

460

7

6

25

24 1

37 -

500

S

•

-12

a ;

420

8

_

17

1 .

27

45

S4

20

74

— 7

■8.

50

24

10

Si

rase 1

41+

so

5

.-t .!

C=CafI

P=Put

Financial Times Saturday April 24 19S2

25

INSURANCES

Abbey Lift Anomie Co. Ltd.

pom Ufa— C e w Buu tt f -

m-wswii

FT UNIT TRUST INFORMATION SERVICE

Alton* life Asnmce Co. LU.

3L.0lclBwangionSL.WJ. Q1-437S%2

li*f. Frf h*. rl
P rtp-FdAce..

M’fSe lov. flee.

rKM I.POUACC

ffiffiSKfe!

fVcp.Ppn.flCt.

M?Se im.PskAcc _|

ANEV Life A ssu rance Ltd.

Put Frf IoL ml
P en* Money flee— .

Pen* Money JwL |

Crurader limmnce PLC
TOwHx,38TrWtySq,S3N4IXI 4882323

Growth Prop April 1£[U4 1 J -

Managed Pus Apr 1*_ |U2JI U8JQ 4 —

Eagle Star InsurJIABaitil Assnr.

1. Threadneedte Sb. EC2. 01-5B81ZL2

Eagle* Wd-IAtas [752 7881+031 628

Equity ft Law Life Ass. Sue. LU.

Amentum na^ High Wyconte. 0W3K77

UK Equities Fund

Higher inc. Fund.

SSiSSKssaz

Ufa Assur. Co. of Penrnyfranb

8, New RtL. Chatham, Kent Medway 812348

LACOP Haiti ELL72 123U >.._J -

Lloyds Ufa Assurance
20, CUftan Sl, EC2A 4MX 01-920 0202
MuKiGwth. April 6_K2JBD

Wanned Savings Group
68, East Street, Horsham

K Safari

otfi Managed

Sun Life of Canada (UK) LU.

MQ35Q2S5 2,3,4, Cocfcspar St. SW1Y5BH 01.9305400
Staate Leaf Plan*

Growth Fund

MraagedAcc.

Equity Acme

Managed Fund Act—

— MnLModSeaFM.p.l

_ GhLOepObtFund
— NO. America Fund—

_ Far East Fund

_ MsnOionMFind—
_ fJhrrd Find

197.3 ,._j

—

fiffe

Kgr

Promun Life Assurance Co. Ltd.

EvtchKter Htt, Haywards Heath, 0444 507a
America# Tech. Fd—gOFf 112.B +2J>

BaUdmg Soc. Fd ESi! tttH

oS'itaigrnL'— -
Gn^ZZp_T_“ZM0:0 SfiflUlfl -

Nxural Resources — [78.0 83.83 +4d

easKK=w tmt**-

Prop. Equity A Life Ass. Co.

42 Hoondsd ttri l. London EC3A 7AY 01-621 U24-
R. Silk Prop. Bond 245.1 1 .... | -

_ Mean Fund Act

_ Index-la. SecvFdAte
Pension fares _
Personal Pen, Fd —
Pens. Mngd. to-

158^ -

Badge Management Ud.

GP0 Box 590, Hong Kong

NTa&hi March 31..-J 924,43. I |

Nippon Fd. April ZL_[si9Ja aJ25| I 133

Britannia laB. Investment Mngnt Ltd.

siffijer"' -au-an *"* 1 a

(18. Mar DoaomlBar^Funtffc.

1.670 OB
.DAM
L777

Start ag Derexakrftd Audi
Amercanln

- Property Growth Assur. Co. i»«t-

= sun 5 s!

SSSS"

194.7

Equity FtL_.

Fired ire Fd. _

y

Property Fd. _

Managed Pen. Fd.

Elrfty Ppitoon Ri ....
Fired ire Pens. Fd__
High Yield Pen* fSZ

Money Pension Fd

Property Pension Fd.
Ftaxffund

m

118.7

HfS

w

0202762122

AMPWnwmi Ha

American & Gen. Fd.. [142.4

Income Fd. 037.9

(nd. Growth Fd. fj5L7

Capttri Fond 5&4

Barclays life Assur. Cm Ltd.

252 RMntanf ML. £7. 01-534 5544

Equity ft Law (Managed Funds) Ltd.
flmeisl ii oii Road. roghWyenmbe. 049433377

IneL Ren. Gcyitty (1785 1873

Ind. Pen. Property _.QCL7 149.

lid Pen. Fixed WL_Q3L?
bid. Pen. Indx Lk. SC&..P3J
ind. Pen Orenens __n465

Irf Pen. Cash ESS

hut Pen. Balanced 046?

hd. Pen. Dep. Admin. . fl326

Prices a Ape IS. Men _

Group Pension Funds— Price* AsartaUe On

Family fl e itiranr e Society

6B> East Street. Hontom.

Family A. Managed... (164.1 167.

Far East April 21 ...—
F«l Secs. April 21 —
Gold & Geo. April 21 .

Growth AprllS

lnc.&GflwUiAprlZL

&SS£

s*.

BafflE:

EZSrxtiz

WortlTecfi. April 2X
Mra.Gra.rth to# 21.
GDt Dec. ApruZl —

Leon House, Croydon CR9 1LU.

ESSSEfiaiH mi

Property rum (Ai— .

“ I Fund..

01-6800606

Sun Ufa Unit Assurance Ltd .

107, ChMpsWe, London, EC2V 6DU. 0272-299524

Managed Can. ■“ “

Managed Ac c— ■

Property Cap. — ».L

Property Act- P-77.1

Equity Can... — 1228.0

rar-

— Merer Fund (A)

— Acmanai r

= tatgs i«_i

— Rethe

Baretoyboixfc

BSh==?

Incematkinal
Managed
Money

fl?0J 1785] +03 —

\m -

taidon - EC2M70J -

m

Property

MaiPmUtaua ;

Do. imitd

GR EthPews-Aec. „-|lS7S

Do-Mdal Q32J2

Money Pens. Acc ;

Do. Initial _

Btefc Horse Ufa Ass. Co. Ltd.

7L Lombard SL. Eta.

Black Horse Man. Fd.

Managed lw.FUL

PrOEffrtyFd.

Fixed Interest Fd.

Cadi Fd

income Fd.

Extra Income Fd...
WMdMdeGraudhnL

Balanced Fd.__

SmtrCO’s & Recv-Fi D63
tnLTechncdoQy Fd. — 144-26
Kb Amer.fi Gen. Fd. .

Enemy InL Fd-.—

Padnc Basin Fhnd.

HMft HghYldMi MM

GT Plan Rw East Fhd 885

GT PhiNAmFinl WD2.

GT Pin UK&GJL Fqd 5ET
GT Pin Wridwdr End 903B
GT Pension Bod FmL 98.7
GTPen HMi YWFd_ 93J?I
GT Pen F» Eaa Fd _ gg

mxfu

SSSSuMJflprtiajr

Special SHt April 20

..in. Pens. Fd

Mm Pm. Cap. lit -(

Prop. Pm*. Fd.

Prep.PfiB.Cm.UB.
Bldg. Soc. Pen. ut —
Bto.SECw-UL.-.

GUb Fen* F\* CapTT

gSSStPhip:

Interest Cap.-..

Fuoed Interest Acc — |

8SSS=_

intemathxKil Cap —

International Acc.

American Cap.—..—

American Acc

Far Eastern Cap —

Far Eastern Acc.

Distrltnuod

Sun Life fanshas Ma na g m nM Ltd.
■ tor Indndduaj per ~

Managed Cap-

Pens. Managed Acc.-
Pea* Property Cap-
Pen* Property Acc. ..

Pen* Equ>ty Cap. —

Pens. Equity ACC.-.-
Pen* F. interest Cap.

Peis. F. Interest Acc.

Pea* Cash Cap

Pen* Cadi Acc. —— —

Pen* Intel. Cap

Pen* Intnt. Acc_.—

Pen* American Cap..

Pem American Acc. .

Pen* Far Earn. Cap.

Pen* Far Estro. Acc.

+ki 10-57

- S5?

_ HUJ.

American Imtstmect*. pLZ

*ssas¥i=P

U X £rowth Find Hj.6

USM Fund' 1995

E is

— L*3i»ligCre«! S*15iier, Jeeiey. 0534 73701
_ valley Use SL Peter Pun, Gresy. 0481 2470b
_ L TMoas^treM. Dmmlm. IaM. 0624 4856 „
tilt Furt (Jem) -_p!3 7 .... I 13.25

Gilt Trust n-Q.M.1 p4 6 EMI . ... 13^

Gilt Fund Guernsey ..IT? 71 7 79.. J 1315

— bibd GnvL Sacs. Tratt

— Firm Sterling.— i8L9 u JMN - -

— Firit InLnl |S2W 69 2D5.74| .... ] — .

— — "Dally DBaSng^Oiher Funds _WerWr Mondays.

Funds Weekly

Return 1L90V

Brown Striidey TsL Co. (Jersey) LU,

P.0. Bax 583, SL Heller, Jersey. 0534 74777

»&fej?i:|S4 , S3 *3“

Butterfield Management Co. Ltd.

P.O. Bax 195. HamiKon, Bermuda.

8SSS I a— BP ■::■:! itiS

Prices at April 15. Next SCO. day May 10

CAL Investments (h)M> LU. *

25051

ia’

CAL Uetar* .1795

Next dealing oiy "Mar 4,

Target Ufa Assurance Co. LU.
Ta^t Home. GaiMo*

— PravUence Capitol Ufa Assc. Co. LU.

01-623 1288

GTPenftJ

As ta c u rar lo n l GENERALI S41JL

117, Fenetwreh SL, EC3M 5DY. 01-4880733

IntL Managed Baod_B39A 147 J) +15] —

General Portfolio Ufa Ins. C. Ltd.
Cnssbrook SL, Chrshun, Herts. WMthamX31971

Port f o li o Fd. Acc I 1899

PortWIo Fd. liXL I U6.7

PortfoStB Fd. Cdp. I 1868

Portieno ManTScc 1585

Portfolio Mao. Inrt H4

Landau A'deen ft Nthu. MU. Assur. LhL
129 Klngsway, London, WC2B 6NF. 01-4040393
■Asset BuHdfr*' [53.0 55JJ ....J -

London Indemnity ft GnL Ins. Co. LU
13^0, The Fortxey, Reading 583511-

M =

Fbtrd Interest — — (455 47.71 -OJJ —

Londoa Ufa Linked Assur. Ltd.

100, Temple St, Bnstol, BS1 6EA. 0272-279179
Body.-'. 135118

30 Uxbridge Rood, W12 8P6.
Deposit F<L Acc. ... 669

lnrf.PKB.Fxt IR. Acc... 575

lnod.Aic.__— 58.6

lntPne.imnLAca— 10.9

.AccJSh

M^mJh&FtAec. .
y Ft Acc....

-■WLFtAcc.

47.61

7161

187.5

01-749 9U1

«_=

635 ....
^ ....

Mia
6BH .„.

_

— Shred

London Life Manage!

R u a i ta Life Atnoance Col

25, High SL, Potters Bar, Herts. P. Bar 51122

Mffid && ]::d =

Canada Life Assurance Co of G. Britain
2-6 High SL Potters Bar, Herts. p. Bar 51122

Managed Pen Fund _{

Property Pen Fuel — [
lodes Lnkd Plea Flavl |

Cannon Assurance LtdL
1 Oyuptc Way. Wembley HA9 ONB-
ERitty Units.

Growth A Sec. Ufa te. Soc. LUL
48, Londoa Fruit Exchmge, El 6Eli 01-3771122
FtQdtde Finance

LanAank Secs.

LaodbankScs. Atr.

G. &S. SiqxrFt.

: Exchange, El bEli Ol-srr U2

EErS-lds

-„-f H' ' far Oder Frank anri Capital Uotts ring 01-749 911 L

Provincial Ufa Ass uranc e Ce. Ltd.

22% Btahoptgate, EC2.

fflH

Prep. Find Inc.

Prop. Ft Cap

Prop. Fd. Act

Prep. Ft IntL

Prep. Ft I nr

Fixed InL Fd. Inc— hiU
Fixed Ire. Ft Cap — Ilu7 !f
Fixed InL Fd. Acc __u24.l

Fixed InL Ft im ^

Dep. Ft lnc__— ....

Dap. Ft Acc. —

Dm. Ft InH

U.fc ERdty Ft Inc -
U.K. Eredty ra. Cap. .
U-K.EipdtyFd.AK~

Guardian Royal Exchange
Royal Exchange, EX3.

01-283 71CQ

Property Bondi
BREUafeed
Muaged Initial

Do. fleam.

Eflptty irwtii ‘

Do. Acamv ___ .
Fixed InL InttkX..

(294.6 30681 —4 -

Erpilty

P™p. L .

BaL BtfEsacfUirit

Deposit Bond

Mnpd. flccum — —

gi 173J

2nd Managed

{if? vjXf

Zhd. flmertaei

2nd ind. Money

123J 1303

2nd Index

2nd Ed. PensJAcc.™
2nd Prp. Pens/ ACc-— ,
2nd Mgd. Pend Acc _|
2nd Dire Pens/Ace-.

aldtas^sjtolll

2nd tatoPfeScc.

lfe.4 1758

11 n
w %

L&E&I.F.2

Cura

395 «aj

tabw Apnl 22.

-HUB

i'2l

m z

MtxediFX.

ludeied Stock (P)—

London ft Manchester Gp.

Invest Tsl RL -
Property Fond—

FlexUe Fund

Fixed Interest Ft-...

Gtd. Deposit Rl

CxpttalGwth.Fd._-.
Moneymaker Find.-.
Exempt IcwesL Tst —

Exempt Property

Exempt Flexible !

-AiWtkxi to or

£09252155

1958

m

113 2

1333

300 JO

M

M ft G Group

TIeve Quays, Tower HM.EC3R6BQ. 01-6264588.
American Fund Bond.r “ ' “

lixulmiTftr Bant.

Austrabula Bond — ...

Commodity Bond I

Convert Deposit Bond l

North Americao

Speed Sits.

Tecbnolcgy s_„

uaiBQKTPen* Acc-
Detwtrt Pens. Acc —

Property Pen* Act-
Fix. Inc Pen* Act.

Esjuiiy Pros. flee.. — ... .

For CapitM Urtt and Other Prices ring I

Prudential Petmons Limited

Holborn Sars. EC1N2NH.

fc"

Fixed InL Apr J 21 —

... Acc-

Mul Pm. Ft Cap. ,
Gilt Pen- RL Act. —

Gih Pen Ft Can

Prop- Pm- Fd-Acc—
Prop- Pm- Ft Cap.._
Giur! Pm. RL Acc-
Guar. Pen. Ft Cap—
lHfe*-L. Pen. FdTCap...
_ Index-L PmFd. Acc_

Sterling Fuot__—

U.S. Dollar Fund—..,

6533.

Swiss Franc FuM

aricFmxl.,

Capdfrex SJL
P.0. Box 178, 1211 Genna U. 010 4122 466288

Fonseicx FrU&TS 128.451 .... J 1.90

Baodselex ^rlMU 1098W

Capital Asset Managers LU.

Bermuda Hie, St. Julians Are, Si. Peter. Pen,
Guernsey C.l. 048126368

The Currency Trust.. (1000 106C|...| 0.94

Capital International Fund SJL

43 Boulevard Royal. Luxemboaig

Capital lnt Fund 1 S23J5 | ( —

Cl^ffrtioS^liflKl^iSmln^S^Vtd.

Charterhouse Japhet

1 Paternoster Row, EC4 01-248 3999

as r .^r::ia c'SUW S»

* Prwm at Apnl ]£ Next sue. Oy May L

Chart erbouse Jap bet Currency UngL Ltd.
Charnel Hie, St. HeJier, Jersey. 0534 74689
Central Assets Currency Funds Ut

1934

1027

256 F

—

40 19

2246

163J

“

Sw Franc

Fr Francs-

40.09

10150

Tnn<

1003

SDR*!

Chawton Commw

|SL99

lilies

01-4059222

Pen* NWagtdloUsi
Pea* Mmagod Acc__

Pen* Equity lolttal J

— Pen* &*jiWAcc —

— Pen* FreLlnL InhU

" Pen* Fixed InL Acc J

— Pen* biO Initial

— Pen* Inti. Acc.. ,

“ Pen* Priqj. Initfcsl— |

— Pem. Prep. Acc — ' _

— Pen* Depo* MOMZtl

— Pen* Depo* Acc —Jlail

r. pS'WiSfc:

Family Borek._

^ Far Eastern Bond,.—.

_ GUtBood

_ High TWd Bond

_ Index-Linked G[ SO—

_ Int e r i q tta iaf Bond — 1414

_ Japan Fieri Bond — 606

_ Managed B<md_. — 20LO

Hanbra Ufa Assurance PJLC.

7 Old Parle Lank, Loreton, W1Y 3LJ. 00-4990031
Fixed InL Dep...

mpmyM
Reonery Fund Bond .

FlexHe fanaoa
American (Cap.)

Do. (Aeon.) —
Deposit (Cat L— —

Capital Ufa Assurance
ConKton House, Chapel Ash Wtoo.
Key InveSL RL__— . I 107.43 b

Pattirakerlmr.FtL | 87.*

American Acc.—
Pen.FrDep.Cap
PklF.LDcpJVcc. —
Pen. Prop. Cap. j

For Ouxterix

• hUftie HwRh • Uta

CMefhrin Assurance Funds
U New Street BC2M 4TP.
MMagedGKMUi — WK* m.4

Manged Inoone IT

hnei iBUi onxItz).

HlgbiiiMme._-
Incanw&Grawth —

B»ic Renans — ,.

Americai (z)

Far Eastern (z)

Cash

01 -363 3933

_ Dp (An

_ Fined Interest (CapJ.

_ Do. (Accuffl J

“ Index-UriBd Gt (I

= Wk

_ Dp (Accum

Z faeatef"

Do. (Ao —

- SH8SS£!t=!

_ PmooL Pension

Pre-Lb* ReHrnncnt
Managed Fund

CashFund

Refuge Inve stm e nt* Limited
103 Oxford St, Manchester 061-2369432

Manged n®A

Property— J1KL2

Ml :d =

hfam Mutinil
Tuotridge Wells, Ken.

Equity Fund 195.4

Pm Ft (1st issue) _]
d Issue) 4

TruKinternatinaal Ufa Ins. Cn. LU.
55-57, Hindi Holborn, WC1V6DU. 01-831 7481

5eries2MapFd 1133.0 *

Series 2 Equity Ft
Series 2 Prop. Ft
Series 2 Fried Ir*. Ft .

Series 2 Money Ft _

Series 2 0\»«Ft.-
ToUpImwlLRL
T life Managed Ft _

Managed Inv- Fd. lnt
Managed Imr. Fd. Acc .
ktopPen. Ft Cap.

Man. Pen. Ft Acc—

089222271

_ - J +L91 -

Prop Ft

vSwiszzzzmi Mti+ffl -

RnthscMM Asset Mangmwirt
SLSwltfnm Lane, London EC4. 01-6264356

MX. Prop |37X9 18Z*d| f -

Next ndL period June 30/July 14.

Royal Ufa Insurance Ltd.

New Hall Place, Liverpool. 051-2274422

Royal Shield Fd J2249 Z3BJH ,—J —

Save ft Pmper Group
4, GlSlHMm's, Lada, EC3P3EP. 01-5548899

Trident Ufa Assura n c e Co. LU
London Road, Gloucester.

OSLO

GttL IT
Prepe

[186.7

American- !

U.K. Equity Fund ■
HIM YTew..._ —
Gilt Edged —

(2445
1 2

i.9

0822

lin e r rati opal..
Fiscal.

= saaaesa

P^nyRL. 1

- z uZXttezzzl

EqnhyPeit*Fd 1

Prep Pen* F

.Cap
Pen. B.5. Acc —
Pen. OA.F. Cap
Pen DAF. Acc

Manuhetwero Ufa Insurance Co.

SL George's Way. Stevenage. 0438 56101

as

'Prices 00 Apn

w

ZL.IWeetdy

Growth Cop-
Growflt Act-

Pen* EgiityAcc

Pens. Mngt Act 1

Pen* Gilt Edged Act
Pens GULDep -Acc — ,
Pen* Ply. Act
Tri Inv. Bond—

|USJ *

.4
(2242

045236541
+0.71 -

— Delta Inv.

— London A

M z

Cooggmre.,..—^ gjTjkO^ -

— InL Rtnrenfomfc —

z Tyndall Assurmcc/PeiulousCaKItHc)
__ 18. Canyoge Road, Bristol.

0272732241

+031 -

_■ 3-Way

Schroder Life Group
Enterprise House. Portsmouth.

Do. Pens..

EgoRy —

Boot—

City of Westminster Assurance

vttet Prop Fund-

Hearts of Oak Benefit Sodety

129, KlngvMV, Lowtop WC2B6NF 01^040399

Sg23?fczB5ai iSSrj =

Henderson Acted rdstrabon
11 AtBtln Frwrs, London, EC2.
High Inum Ft -i.-— [1099
aft EdJM Fund ffiB.

0705 827733

01-5883622

renew Imestnret _
e pMne 090B 60Mia

f Ft ......

PULA Fund

Soc. Prop. Unit* 1

Soc. First Unrt Ftnd-
Fund currently
Perform Uotts .

Sem or^to-. F »e^re^Sris fcared ator LLMKL
Senes 11) These n nri pri«5 lor carder poboe*

Clerical MedOcd Managed Funds Ltd.

15. St. James's Sq, SW1Y 4LQ. 01-9305474

BSKSS=flH W®

Prices April a. Unh dMhngs on

Carranercial Union Group

SL HdeiA. 1, Undershafl, EC3. 01^37500

iaa =

iaBSsfeEBL
||

Far East Fwd J2S|

Property Fund M65

edFimd 1ZL0

I Fund

■ RsrinU. Prp —196.4

Samuel Ufa Assnr. Ltd
NLA Twr., A tkfisco mfce RcL, Oroy. 01-6864355

SecwHyFtsrI “

British Fund—.

imemaloiial Fund — P075

Dollar Fund. 544-?

CapUMFuad

Income Fund——

Property Series A

Property Units

Fmandal Fund —

Managed Senes A
Managed Series C —

Managed Uric

HirilYIcM Fund

SEg®’-'

BSitfa—

SSSS:

irwestmeoL —

Inter o a ii ooal
PcnPan Fund Prices

Hanged lnt ,

Do. Acoim.

Property hW

Do. Actum ; —

Equdy Ion

Do. Accum

GUt-Edged InIL—

Do. Ammi —

Guaranteed I nb —

Do. Acoxil. ,
iDttrnational IntL — I

fndMLtGilt iriL—l
Do. Acoan —

Merchant Investors Assurance
Leon House, 233 High SL, I

- Capital

CCM Vawpard 1346

Kfi SCovL Sec* — 1543

Income Dstrib. 114.7

IrxDioe Accun 1300

General

American

7.8 124J

Confederation Life Insurance Co.

50, Chancery Lone, WC2A 1HE. D1 -242 0282

Equity Fund

MiviedFund

PIP Fund— - —

Psrev. Pen. Mngd. —

StAffauard Mai Pen.

GmoMiwd. Pen.— i

Fixed InL Pen.

Equity Peanor.—

Property Pendon —
liuonafionai Pen. —

Cash Pension

[2706 2846

279.9 2996

669.9

si m

3452 gl-1

AA? H

Srj& 317.7

ia A 97-2

107.7 |

=Hf

Tokw

Gih&Fxd. lnt

Australian ,

Singapore &. Malay _

Ba Pm. Acc.—
Epurty Pension Cap.
Equity Pension Act _

SKS=,

Rlri, Pen. Cap-.

F. InL Pen. Acc

— Money Pen. Cap 1

— NtawijPen. Acc.

Prop. Pea. Abc-1 — .
Price* are tor

Property-.-

Overseas Inv.

UK Inv.

z Deposit

llan.Pen.3-W ,

Equity Pen

Band Pen.—. — —
Prep. Pea .

Dep. Pen.

Mew Series frets IM1 1982

i£e3scd|l

Far Eau Eq 110(11

Fixed

— Cash Deposit

SSSSfe-

feCmsa-FsaiZ

1732

96.4

ffli :d =
W

15 67J

523 75!

855 624,

5.78 16 Cal J ?2S
. "Rfea dratmg April 3a

Vanbrugh Ufa Assurance
41-43 Maddox Sl, Ldn. W1R9LA.

Managed Fd

B&"” —

Fixed Ire. Fd.

Proa. Fd.

Cash Fd

1292 1367 •
pB13 21L9 ■

1L6 2432

<15 170J

(203.3 214 .

Lih Series April 23.

Scottish Amicable i mre stm ent s-
P.O. Box 25, CraigtartlL Stirling. 0786 3141
Iguhy. — : 0162 12g.g *OJi -

Vanbrugh Pensions Limited
41-43. Maddox Sl, Ldn., W1R 9 LA

■ merest.

Managed

Fna?lTOres. f!552 164.01

m m

01-4994923

— ImemaHooal [102.1

=

— Index Linked G<h (945

- Property 0618 1725

— . Index LndwdGiR W75 _1028|

- Giaranteed j 13.75 |

Z Eurotax Investments Ltd.

1, Athol St- Douglas, hie of Man,
tfK Agents Fir “ ™

Z Wwaged.

Z

Continental Ufa Insurance PLC
W70 High 5L, CroydM CR09XN 01-M0522S
Managed Funds Cap-P
Pmshxii. Mngd Fd Cap.

nbffi Insurance Co- Uft

rernMB, E.CJ.

Property «c^

Property Cap..

Managed Acc —

Managed Cap —

Guaranteed Acc-
Guaranteed Cap.

Equity Acc. :

Fixed InL Cap—
tadewd Sec* Acc.. _.

Indexed Sec* Cap —

Imperial Ufa Ass. Co. of Canada
Imperial Fkxise, GoUdfard. 71255

awadi =

BUH&C

Fteedlrt- Fd- — —

snaafcffif ■

01-6265410

GvwFdAprHZD.
S-Spee-Fd-

Multiple Health and Ufa Assur. Co- Ltd.

_ sssrssr- safStoz

§E @ES^K'=I^ =

NEL Pensions Ltd.

MIKon Court, Dorking, Surrey.

NriexEq.Cap tt —

Nelex Eq. Accjxn jl

Ntlex Money Cap. -
Nelex lfan._ t
Nelex Gth Inc Cap
Nelex Gth Inc Acc —

NH Mxd.Fd.Cap. —

NelMrf.FO.to.— .66,

Nelex DeotKH Cap__ W.l
Nelex DeMon i Acc.- ; .t74-4

ffijg -

-iOJJ —

Credit ft Conutrart* teMunce
120, HeneptSL. lundeowaRSFa .01-439 7081
CCI Deposit W.——

S&: if

SI SS7tSfe-r.|l"

CCIWI.RL -j- 115

CQHish liwmFd.. 960

CCI Property Fd, ... P60

Cresctfit Ufa AcwraM Co. Ltd
14N^9e5w«.EC4V6AU 01-3838931

Managed Fund [

MaaqedlnL

UK Equity .

Kterl

Ft red lnt —

Tokyo—

Aweri ran .. .. _.

Interwatlopal...—

HrehDrfrtSSanl!!'. 1025
Capital NO

Crown Ufa M ,

Crown Ufa Hse. WoWafl 1 GU21 WW

DrfFd, kicm. -HIM 1

Niang'dFd to— ,

Maog'dRLIreL.

MangU Fd. !««• —

Property Fd. Acc.—

Property Fd. ML —

Property F<1 Irem..
Fhedlre.Fd.to —

Fixed ire Fd. mere. ..

Ecanty Fd. Are

tawFiLMt— .

Eax»yF<L Hicni
tatfsfata....'
lpv.TU.Fd. ML. —

Inv. Tsl. Fd. loon.—

Money Fd. to
Money Fd. (non — ..

IntrrT. Fd. Acc— —

Inferl. RL IKm—

High Income Are.

Hdi income lr-
PECoronet -

048625033.
4021 10.40

Ire

prcoronet.RL—-
Cjbt Sehagliw. Fd.«,
(Vewili Equity Fd. ._.i

Irish life Assurance Co. Ltd.

Basildon House, 701 Moorgate. EC2. (TW068401
Blue Ship April 23 [**“ m«^vvi

Prep. MdAprRl!^

! m GL April L
SpJt4d.GrtluSer.il-
ExeireiL Mao Fd. —

HfanummeFund —

Global Find -

King & ShracHHt PLC M .

52 GmU8. E£3 01-6235433

Bond RL Exenvt .—10.70 fflJ2j4(LI2l -

Lantai Lift Asssr. Co. Ltd.
LMgMmite, HoUrbrookDr, NWA 01-2C35211
HtervesiPaLRart— \ “

{©SS-i&-Krl«V -SI ::ij =

Legal ft. General (Unit Assur.) Ltd.

^TiSwi RIM _

Do, Accent r D2L3

Eqgtfyinitlai— S9-S

Do. NSrh- — [?Eq

Fixed iitttMd B»9

Ita. Arpni

Irrtt. fatfM gl5

Do, Areom. —

Property Initial — —

Do. Areure--—

(grorrex Cash iniL —
nn flrfiirn uiuumMe 1
EmiWEW- irit—

Do, Accum. —

Smrt Fixed !!«._
do.

Esenn ind. hddM -

&enBL , MiwL 'to

Exe5rf^ri»ML^-

Neiw IreFrfire c5b;j
N elex InLFrfre. to}M4

■MSSra...

NPf Pension* Management LU.

48 Gracecburch St, EC3P3HH. 01-6234200

New Zealand SHl Brit hnce. PLC
Martnhd Houe, Southend 5S1 2JS 070262955

Kiwi Key in*. Plan —
UKEqutty

m

1

PadAe.

Property.

Highire Eijiiita- —
High Inc. Frf ire-..

M

InJex-LWtad Gilt —

Norwich Uni on Insuranae Group

TO Box 4, Norwich NR13NG. 060322200

NUIG (IbMHd Finds) I

(Ubnaged Funo 13205

Equity find — ^6.J

Property FurO-

Fixed ire Fired

Deposit Fired—*—.

Norwich _Uoton Life
Sodety fa nr l—x eit
-nSjlMwesf —

Onllnwy Share--...

Proprm” — — — --

ir^rUitetfSec*"..

- Mixed*

- Nor. Urdu April U-

z Pearl Assurance (Unit Funds) Ltd.

- 252 High Hottom,WClV7EB. 01-4058441.

- Imr. Prop. Ks — -^.031.0

- Ire Prop. Are E33.;

jnv. Ejvnty— . JgJ --.J

5 »-w>

Exempt Fxd. InL Inrt.

Do. fleam

Exenpt Intri. mt —

Do. Accun-

ExeavL Prop. IniL —

Do. Acaxn

Exempl Cash IniL.

Dp. Accub „

Exempi Mao. lain .f

Do. Accum..

Scatttsh Mutual As surance Society
109 SL Vincent SL, Glasgow 041-248 6321

RsfcMacU m:-j~

ScottJsh Widows* Group

PO Box 902, Edlnbwgh EH16 5BU 0S1-655 6000

In*. PM. 1 April lb__.'

Ire PM. 2 April 16.,.
lay. Ca sh April 16 —

Mixed Fund

Equity Food

Property Fixx l —

Imrm wfltl Fund.— .

Fixed InL Fund

Cast! Fond.-— ■

Pro* Mixed Fd. OnL.

Pen* IreFd.Ord....,

Pm. Fxd tax. Rl Old
Pm* tea Fd. Ort. _

Ex. U. April 2L_ —

Ex. U. hie. Apr H 21—

Pens. Man. April 21 ,

Do. a Fd. toil 21 _

Do. Pro. Fd. April 21
Do. Cash Fd- April Z

Slunribt Life Assnrance Co. I M
161-166 Fleet SL, London EC42DY 01-35JB511
Am-. ■ ■■-- psn 4 IPS

BSSI =

International to — 126.

Peas. Managed to, lg

Baus fetes pMMe Pho* 01-353
For Solar Ufe Aanmcc Ltd.
ate S« Lift Unit Atsarwe Ud.

Standard Ufa Assurance CMipaay
36Mrgr8L, Ec&nbortft EH22X2. 031-2257971.

Eou'ityZ. — -

lnteniimini

Fixed iMeren HgtA

Wmdsor Ufa Assur. Co. Ltd.

Royal Albert Hse., Sheet SL, Wincsor 68144

Investor Unto ,„|1D7J

Accum. Pen. Units — .3673

JK Agents FIS, Sl Alban*
Eurotax Ire Fund..„|1095

0727 33166

US-41 -I -

Flex, lire Growth

Fuhxe Assd Growth ..
Re* Aw'd Pen.

F ft C MgmL Ltd. Inv. Advisers
1, Laurence Ptxiotney HID, EC 4. 01-623 4680

- F&C Atlantic Fd. SA. 9.79. I I 154

- Frt C. Oriental Fd._.l S16.7B 1 ... J 060

- Prices April K Weekly draling*

OFFSHORE AND
OVERSEAS

Adta i n vest me nt

Postfach 708. 8000 Munich L Telex 524269

Adkenta IMCU6 21491 »<im| -

Adi verba—

For

_ FOMtK

Albany Fund Management Limited
P.0. Box T3, SL Heller. Jersey. 053473933
Albany S FtL (CJjU,j^fl.«^n2^+48q LTD

Far Menuder Find see Uaydt Baofe are Bmrnsay.

Allen Harvey ft Ross Inv. Mgt. (C.IJ
1 Charing Cross, Sl Hriler, Jiy- C.L 0534.73741

“IJ — AHRGIS Edg-Fd...

Fidelity IntenutlonaL
8 Owenway House. Queen SL, Sl
J ersey, C.I.

American Asets

Am.Vali.Cum.PI. S3*.

American Vah. Com*

Australia.

OoMar Savings Troy.

Far Eaa

Imernallonal

Orient Rail

Pacific

Worm l .

Gilt Fund (226

m

■Pnoes at March 3L

H (S«'71b96
+0201 139

+011

♦0J«^

+0W

+0.71I

-omi

1404

076

070

034

194

13.71

z Ret. M*

Inv. Managed-

iMd ft G en eral Prop. Fd. Mgn. Ltd.
uS^ytoorta SL.EC4N 4TP- Mc2«%78
LfiGAmH

Phoenta Assurance C*. LM.

4-5 King Wl Mam SU EC4P4HRL 01-6264876

1 a*=j=.

Pioneer Mu. Md. FdJ314J) 1ZL0| — I —

Pension Managed —

Pension Property.-^

PrauonEqd’ty g93-

Pension inti _ — 1&4
Penssm Frf ire„._ fflO
Pennon Index LMfcM 915. ,96.'

Pension Caui P27J 1341

Sun Afliance Insurance Group

Soi A«.ancc House, Horrfare 040364141

Bsfi&iB
wSStxSSfe:

Deposrt FixxL

Managed Fund—

IWU. BWS Apnl 20-
bdridoal Proto Fteh

index Lntkrf— [06. 4

EonMy-.,— 1812

PStfiM mo

BBBhc.— B

BSk=S&

Alliance Int e rna ti onal Dollar Reserves

Aisoanbink

Dtsmbmion March 17 (0500371) a45% pa)

Arbuthnet Securities (C.L) lid. Ca)(c)(li)
PJL Box 294, SL Heller. Jersey. 0534 76077
DoOar Inane Tsl. .._ISjL974 1QUM+QAB| 1539

Deanog an WMaesday.

B.LA. Bend Investments AG

10, BaarerstnsM CH63W. 2u4 SaHuvrlMd

Bearer Sfd. April 19-OO^M lO^HK .-4 -

Bank of America International SJL
35 Boulevard Royal. Luxemtnirg GJJ.
WWxwe«rn«me .mi2^ 1H3N J 1852
PiKes at April 22. Next sxb. April 28.

Barefays Unicom hrtaraattoiial
1, Oaring Cross. Sl Heller. Jersey. 053473741

Flaming Japan Fund SJL

37, rue Nntre-Dame. Luxembourg

Ffarning April 20 I *45.91 |....| —

Frankfurt Trust Investment-— GmbH

WNtsenanl, DoOOOFranldurt

FT-Interfos IDU3960 407**0051 —

FraiiS. EflekL Fd....|ni5UI 573s!+0ji| -

Free World Fund Ltd.

Butterfield BJdg, Hamilton. Bermuda.

HAV March 31 1 SJ4M9 I .... | -

G. T. Management (U.K.) Ltd.

Part Hw„U Finsbury Ctrcu*

Tel: 01-&8B131- Tin: 886100.

Anmor GHfE 626M-003

Anchor ire FdZ Bb.92 7

Berry Paic Fd. I SS5.93 ,

Berry PacSlrig [0.92 4.097(4

G.T. AsiaFd

HKS18M

G.T. flood Fund J10.77 —

♦HB

*024

1-008

!-0Jfe

G.T. Dollar Fd

GT.Olr {SbigJFd..

G.T. InvesLrfl

GT.JanwSoBJICo*,
G.T. Technology Fa...
gt. pac*cra:_
G.T. Aaran Growth Fd . .

Gartmwre Invest lid. Ldn. Agfa.

2, SL Mary Axe, London, EC3. 01-2833531
Garfcmre Food Mmigert IC.U Ud. (a) (M

87 bWss

tebmrt Faad Maauen iFar East) Ltd. lallbl .
1503 Hudbon Hse., BgcoBrtjj^

AiKtralla Tst..,...-.

HKfiPK.U.TSL

Japan Fd

N. American Tsl

060

960

Uirffa Trust

UnlcHurTnat

mdbaad Trog.-.—-^, ^

— Daiftufini... — —

— Do. Grcr. Pacific...™.

— Do. 1ml. Income., — 1
Do. isle of ManTsL-
Do. Manx Mutual —

+LU 133

JR

06^4 4856

♦OS

Ind. Bond Fund £10096 lObJi

GmtBBK Fund Maagm (HMD fal

P.0. Box 32 Douglas, ifleof Man Tpl 0624 23911

Girt more IntL luc, -lap 22.« 15JD

GartmortlnU.Grth...|B9.9 130S - -J 060

AssicmziORi GENERALI S4.A.

P.0. Box 132, Si. Peter Port, Guernsey, C I.

-TT— Slert
JS-S Defer

W Manned Fd.ni 7.05 13Ja+L93 —

r MifadTrSd B107.00 lEb^+UW —

BMwpsdRte Commodity Ser. Ltd.

P.0. Box 42, Douglas, Lo.M. 0624-23911

ARM AC* April 5 B5251 55331 —

COUNT** April 5.. — &3J34 ESA .... 158

CANRHO** April 5 ...|Q.S8 lJM . —

U flS|Bri hM 3| S2faail **£L Nnt.wTiiiL %

GranvBIe MUnagement -Limited
PA. Box 73. Sl Heller. Jersey. 0534 73933
Granville lire Tsl .-|£6 29 6 6J| | 487

Next

d*r Mar

Guftmass Mahon Fd. Mgrs. {Guernsey)
TO Bn 188, Sl Pater Pert, Guernsey. 0481 23506.

Hambro Pacific Fond Ltd.

2110, Cwmauida C«n«,

Far East April 22. —

J®anFd. Acnl£3.-

Hamhros Fd. Hgrs. (C.L) Ltd.

P 0. Bo* B6, Guermcy. 0481-26521

iCapnal Reserve FO.

C.l. Fund

RBC Investment Hungers U nd fa d
PO Bn 246y 5L Pefar Port. Guenoey . 0481-23021
lad. Income RL &IOU

North fioKna Fa wI«jo

Special St* Fimd. — py ,

IDfifl .—

HL913 0.'

S770 II
K1408

&

53*

Rammn Managm Ltd. _

PA Bx. 1549, Hxrttn, Berowda. (B0M9»&7W9
RAMINCO April 5— S&89 9J6i . . J —

179

SirrimobcomeFund'.

Tram NaL iris

imiU. Bond

ire Ec*uty —

ireSvre'A'SUS—

l " L ^PTOS^aTVfl' "^OH« ^

TExdMes murf usxge t* w“l >™rs.

Henderson Admin. (Guernsey) LW-
7 NewSl.,5L Peter Port. Guernsey CW8X265412
American UJSwrtsi.11210 127.* ,.„J -

Naurai RMOurttt.—i51 — 1 —

Henderson Baring Group
801. downer, 11. Prfder, Hong tong

AairalkT- B7.58.

Japan Tech. Aprd 20. D455
JxwriFd Apnl 22 — Sffl
Aoril 20 . B1R06

M ch mnnd Ufa Ass. Ud.

4 Hm Street. Deuglat, 1.0 M.

_ The SHierToot — —
DaDCmsmdBd.. — [747
SU-rfag Deposit Bd ,1147.1
um Gill & Com. Fd.|7L8

UKOttFind

Sapphire Tri*

ft m n n iOaTrw —

Manned Fund

Cota Tubs

062023914

-♦asi ~

1227

“Oil -

212.N -e-Z-ll -

Bond Fd.

Fd Apnl 72—

Apnl 22 .. IS1G744 112811-01
■mduuve of PrriKjwary Ciarge.

moo

29. Alhol Street, Doughs, Ijd.M.

Normandy Mml Trust . IEL3471 1>.

Nonuaudy Com. Tst,.l£13521 L<

Cash. Curruicy & Gd|U-1028

ComND Ins. (Guermey) Ltd.*

P.0. Box 157, Sl Peter Pun, Guernsey
Intnt. Man. Fd 1218.5 237.51 . ...J —

Corten International

10a, Boulevard Royal, Luxembourg.

Cortexa IntnL 1 S79.05 [+12D| —

Craigmount Fixed InL Mngrs. [Jersey)
PX). Box 195, SL Holier, Jersey. 053427561

Gilt Fund (Jsr) |87.6 87.7|' 4 1L50

Vaiued weekly w«**sday.

DWS Deutsche Ges. F. Wertpapiersp
Gnmeburgweg 113, 6000 Frankfurt
Invesu I0WU5 3£85f*0J0| -

Delta Group

P.0. Box 3012. Nassau, Bahamas

iv.A|xil20-,|SJJ2 lai+OOM. — n r
Agents: KMmroit Broun. TH". 01-623 8000

Deutscher Investment-Trust

Postbdi 2685 Biebeigasse b-10 6000 Frankfurt

| 6.40

Duncan Lawrie Imr. Mgt Ltd.

Victory Hse, Si Peter Port, Guernsey. 0481 28034

HS&azzHi Sl til

Emsnn ft Dudley TsL MgL Jrsy. Ltd.
P.0.Bot73, St Helier. Jersey. 0534 73933
EJLI.C.T. I11D.9 1205| .] -

The EngHsJi Association
4 For* Street, EC2.

EJL Income rd.*

E. A. Sierfmg*

w^dSS'fcrw.-:

•Next draftag Apil

ErmHage Management Ltd.

GronvIUe Hse., Sl Heller, Jersey, C.l. 053476007.

External Fund B133J9 — I I —

Cash Fowl p4.ll - | . ..( —

Eurobond Holdings N-V.

Piet ennui 15, Willemstad, Curacao.

Londoa tom* laid H3 Worshta Sl, Londoa EC2

Tel: 01-638 6011 Telex: 8814400

Euro Hide*- P2055 Z126|.,.| 950

S.6. Europe DMigttiom SA
9, Avenue de l a Ub erte. Luxembourg
Lttrfon Ag ere- FFS, Saliso-^y Hse, London Wall
EC2M 5T£ Tel. 01-920 0776 Tefcx 887281
Europe-ObUga t io n s ,.| 544.43 1+0.021 133

Henderson Management (Guernsey) LhL
P0 Bex 71 5L Prter Port. Guernsey. D4B1 »41

Gilt Fd.t IIB.96 9501 4 13-4*

nwekiy cJNlmgv

KC-Sanwel & Co. (Guernsey) Ltd.

8 LrFetwre Sl. Sl Peter Port. Guernsey. C.I.
Guernsey Tst 12073 2218+04 333

Hill Samel Investment MgmL hdid.

P 0 Ben c.3. Jer-ey.

UK EquIba'C I. RLi. 1137 0
lUCGSUy Fid lilU.NO
InL MaaTGrowtli Fd-L 1117.9
Box 2622L B erne SwBwrland

H.S. Oivseas Fd.. (SKJ3

B-darerfiCSF Fond' femia
Far East iCrossoowr.l5fS.74
Tethxataqy UTF Fdl.tS1137

I.C. Trust Managers Ltd.

10. Si. Georges SL, DougLE, ktM 0624 25015

Ire Co n i n o a ties Tst .1992 10551 4 —

Ned driving day Nby 5.

DothsddU Asset Management (C.l.)

P.d Box 5E( SL Adlans Cl, Guernsey. 048126331
O.C America Fit — B^7 241 1

OC. Ota.ConrifaV-.. SJ5®,

01 Hoag Kg. FdtT-l* E6» — : — - - .

■■OX. tatmattagdtojmw Unrtrf
Bri. Francs iFmJ] 747®

CaafMfanS

D-Mark

DuHliGuIMfr .

rrCTC tfvS C ^toir3. ‘65 Urfrowi
■PrSs on Aoril 15. Nex t. dea ling A pnl . ..

— Haiiy deokng* ***Asinl 15. fTOsallns every week:

251

340

282

29,046

5S43S

12559

053473933

IGF Management Services Inc,
*0 Rrqislrw* P O Bax 1044. Cayman
lidernl. GaU Fund. _|S65.b2 68. Wf ...

Save 4 Prosper International
PX Bo r 73. Si . Heller. Jersey

PHr. Frf InL tPbi

Sl Fixed JSrrt

Yen Bond ’ "t |TU56

Etaaty Funds .

UK Growth Fund &1-

Mm13U.Gr. * OTJ2

Far Eart*ni*t-_. —

Norm American-C— 06.07

Snxore D1S90

CMMod» y FUmh ... _ , -

StSdU HIT

sTDroorf^ft - 1153.4 153 « -.-I 056

^raorii »• —tod 2L * 'toil 21
—•April 22 OMeeMy droJuigi*. Dady Deabng*

N-V. Interbeheer

P.O. Box 526. Delft, Holland
EsnvrtddaCOHcrPcqll DFI7U8 I+OJ4I 281

International Band Trust
2 Btulivxd RDv.B Luremnirg
Cm- A NAV flonl 21 IS? 33 — l.l —

Ciasr BNAV April 21 talus — I

Schroder Ufa Group
Enterprise House, Port sm outh.
International Fund*

tEqutty.-. 11241- 1»J

?Wi ssserzSSi m

sSxogtdiZ" flif>06 170q

070527733

International Pacific Inv. MgmL Ltd.
PO. Bat R237. 56, Pm SL, Srdnry, AirsL
Jawfan Equity Tst — I AS 34 3.4U+G09I 7.00

Investment Advisors, Inc
First lixmuiiaul Ptca, Haunon Texa*
FinomK Invest Fd .J — 0341.. .J_r-

UK Agert* Jane. FWay Tri , 041404 1321 or
Eutrberg Tlwius ctarke Tel: 01-247 8461.

I mi eta Investment Management

lCnarmg Cruse, Sl Holier, Jersey. 053473741.

Gill Growth Fund — ©108 11571 J 3.51

Gilt Income Fund [£B68 9871 -■--4 13.45

Janfine Fteming & Co. Ltd.

46lh Floor. ConMugM Contra. Hang tong
J.FJ*anTy “ *

Schroder Mngt Services Ltd

P.O. Box m SL Heller Jew. 053* 27561

-

J. Hemy Schroder Mfagg & CfcUd.

120. Ctreqalde, EC2. 01-5084000.

Am. In. TsL April 21 .

Asun Fd Apnl 12-_

Cbrapstde Aprt 2Z_

Dartnn Fd. Lpni 23-
JAMoRLAl
Trafalgar F(

HlSIWUO —
HOTS 52 -

Da. 1 fleaxn)

jF.Jaow Small: .

J.F. ja^uTedxwbigy-

J.F. Eastern Tst

Do I Accun. 1

j. F. Pac. See* (Inc.)

Do C Accum. I

J.F. Intnl.Tst feJ87

Do lAcomO

J.F.S.E.A.

Da 1 Accun) —

J.F. Phi.

J.F. CurfiSdRLflK.

Do (Accun.).. .

ifi PufieCnvTst

,51a Tsl

NAV April 19. HCT dealin^tfav A^l^

Londan

RabL Flenxag 1

0.60

L90 I

L90

UO

050

UO

780

950

580

2400

. Mar 31

Schroder UnK Trurt Mgr*, hit Iff-

Bax 273 Sl Purr Port. Guernsey. 048128750

(MAShzrBf

c Erurtr 102.6 ICafl

Riecf l-Xrr«t. 1026 108.7

Eerfty 1823 872

Schrader Lite tauretld. Ltd.

Mngd Cumcv Lifr FdWTO.9 MA3
£ Fftd lnt LHeFd._.|»8 5593

£ Equtly Life Fd 1023 1088

S Fbudlnt LHe Fd_|l022 100.7

7.61

15

9.13

112

7.61

URL

38*

9J3

U2

Leopold Joseph ft Sons (Guernsey)

Hirael Cl. SL Peter Port Guernsey. 0481-26648.
LJ. Sterling Fund .IE14.73 14.74] 4 -

wS KSSkrBuJff^-k

Scnmgeour Ktnv-Gee M n gmt, Jersey

L Charbig Cross SLHdier, Jersey. 053473741.

SKG Capital Fund — .11612 1M2 4 -

SKGItomeFuxl.— J518 4 931

Gut Bond

For King and Shaxsoa sax
Brit ann i a hdL bn.

K fari rwort Benson Group

20. Fenclanch SL, EC3L

Drexd Buntlmn Lambert

77. Londnn Wall, London. EC2 01-6283200
Wlndieser Divenifled Ud. NAV Marob 31
USS26.73.

Winchester Oyerwas Ltd. NAV March 31
USS10.95. „

Winchester U5L Reserves Ltd. Carrou yield 138%.

Dreyfus Infarcontinenlal Inv. Fd.
P.0. Box N3712, Nassau, Bananas
NAV April 20 J25.23 2684|

Guernsey Inc.

Da. fleaen.

K. B. Eurobond Fd. _
K.B. Far East FtL— ..

K.B. GIH Fund

K-B.ireBd.Fd.lnc..
K.B. lm.Bd.Fd.to

K.B. lnt). Fund

k d Japan Fund—
KB. Start. Asset Fd..
K.B. U.S. Gwtb. FcL -

Shxm 4 Bemxjda

Transatlantic Fd.

%9

188.0

325.6 _

0087 11.

«83<M ,

£9.46 9Ji2u)

584.74
511318
$14.7Qnl

|£13^B88!M

S20i»nl

^J6 I+07S

01-6238000

567

814

299

13.65

1871

1071

281

0.95

2«

273

245

Korea International Trust
Fund Mine Korea Invest Trust Co Ltd.
c.o Vkbers da Costa Ud, Wng WBham Soere
London, EC4. 0 1-62 3 2494

NAV won 6720433, IDR value 59^904X1

. The Korea Trust
Daehan Investment Trust C al t d.

FKI Buddng, 1-124 YotoMtang, Seoul, Korea.
NAV April 17 (ton 10,482) (USS1452)

Lazard Brothers & Co. (Jersey) Ltd.

P.O. Bcr.10B.SL Hriler, Jersey, C.I. 0534 37361
LaL Bro* ire Cap. ~JSjJ7 JJM .—4 LM
Ls* Em* hrt. Inc. . 110357] J 14 TO

LazBrirelm-Aaet-^aa — j 4 SIS

Laz. Bros, bit Asset-JSBIUBB — I . — 4 14-M

Lloyds Bank (C.I.) U/T Mgn.

P.O. Box 195, Sl Hetiler, Jersey. 0534 27561

Ltayds Tsl O'sra* — 1775 CW 4 229

Next dNbra dne Aprd 29.

Uoyds. Trust Gilt - — BS.M .88M ..-.4 13.95
Next dealing due April 28

Lloyds Bank International, Geneva
P.8 Box 438. 1211 Geneve 11 fSwttzertaiKf)
Lloyds InL Growth — ISFSCO LJO

Uoyds Ire Income ....|SFw8 277.0] 4 7.60

Lloyds Bank International, Guernsey

P.0. Bov 136, Guernsey, Channel Mend*

Alexander Fund | .5X214, I 4 -

Net auH value April 19.

Louis Dreyfus Conanmfity Fund
ijo Trustee. P.O. Box 1092 Cayrosa Island*
April 16- VahiaUOn per uVt 5512359.

Sentry Assurance Intcnwtkmal Ltd.

p.tt Box 1776, Hamilton 8 Bermuda.

Managed Fund RH 4234 456771 — J -

Signal Ufa Assurance Co. Ltd.

Ocerni Heights, feewMv.Gferalur. Telex 2332
Growth StrategusW.-t€262 263+0851 —

Singer ft FHedander Ldn. Agents.

20, Cannon Sl. ECA. 01-24B9646

T D ^A^l"|“°^.00 aH 1^| IS

Strategic Metal Trust Mngra. Ud.

3 HM Street, Douglas, I0M 063423914

Strate^c Metal Tr.~IS0.944 89681 4 -

Stronghold M ta t a g em eii t Limited

P.O. Box 315, SL Hriler, Jersey. • 0534-71460

CommocSty Troa 83339 141.411 ..—4 —

Surinrest (Jersey) Ltd.

4, HMSL. Douglas, hie of Man 062423914

Copper TruU 10258 13841*0114 -

T5B Trust Funds (C.I.)

10 Wharf Sl, Sl Keiier, ■ersey (Cl). 053473494

T5B Gift Fund Ud—lffi-i 91W J1U8

TEBGatFd.(Jsy.>Ltd.W8 VLttd .... 4 13.70

TSB Jersey Fund. — 1*8 »«

TSB Guernsey Fixxl -P6'0 5981

Prices on Aprt 2L Next sob. day Aprfl ,

Tokyo Pacific Holdings N.V.

Irttmts Management Co. N.V- Curacao.

NAV per share April 19. $74.47.

Tokyo Pacific HMgs. (Seahomf) N.V.

Intbnfc Management Co. N.V., Curataa
NAV per share April 19. US$54 39 .

MAS Group

Three Quays, Tower Hill EC3R68Q. 01-6264588
Alianbc Ex- April 20i
Ausirfcm Ex »gl 21 1

toW Ex. April IT -^p, --

•' Actin'. Units) feZ 2 , JWy

Island— — 1723 182.6x4

(Accum UixtsJ [279.4

Management International Ltd.

Bk. cd Bemxida Bfdg. Berntufi. 609-295-4000

id^oo

Pnces oo April 16. Nan dealing toil 23.

Miitand Bank Tst Corp. (Jersqr) Ltd.

28-34, HiO Sl, Sl Hriler, Jersey. 0534 36281

StaRadtib

Minerals, 09s Res. Shrs. FtL hve.

PO Box 194, SL Hetter, Jersey. 0534 27441
MORES April 22 159 JO 9294 1 339

Samuel Montagu Ldn. Agents

114. Old Brood SL, EC2' OX-5886464

AEIT Eq. Apnl W. WBc^ „

.1233.

.. E7.02

&

053437331/3

ifi

Aprita RLApra21_.
Jariea Apnll5- —
117Git)upre
117 Jersey A

il7 SU^ Re* Ajxfl 2iX

Murray, Johnstone (Inv. Adviser)

162 Hope St, Glasgow, C2 041-2215521

Hope Sl April I Sf?-®

MxrayFd. April 15-1 St7;4p

Pxiirz fund March 31. 1 5382

Mat Westmins te r Jersey Fd. Mgn. Ltd.

23/25 Broad SL, Sl Heller, Jersey.^ 0534 70041

High Income Fund |44 7

EUlMlv Fend Ihi4

IrHeroauonal Bond '..J563 5ft0| ..“ 4 9J

•Srf day euery Tlxu*

Ncgit SJL

10f Eoutauard Royal, Luxentourg

NAV Apnl 19___._B988 - I ..-.J -

N.EJL international Ltd.

P.O. Box 119, SL Peter Port, Guernsey, C.I.

Starling DepOMt l§03

Staffing Froed Interest. 1602
Starting Managed — 1575
M.Furf interest-, po.7

Imi. iLxviged IbLO

NorthgMe Unit Tst. Mngrs. (Jersey)

P.O. Bo»82 a. Hriier, Jersey. Q5347374L
RaOIicFd. Apnl 21-15954 10091 .....4 —

Pad fit Basin Fund

10a Boulevard Royal, Luaeimourg.

NAV J 51686 WUfl -

lq». to. M. 61 6. to. HngL, Ud, Uxidan.

Tyndall Group

2 New St, St Hriler, Jersey.

TOFSL April 22 01.40

(fleaxn. -Z otk) 0995

Amman April 22 — 149 0
(Accum. shares) — -. 165.4
Far Eastern April 22 1312
(Accum. shaes)-— 1398
Jersey Fd. Apnl 21 — 125 2
(Non-J.Acc.Ut*) — 2438

G.H Fd tod 21 994

1 Accum. Surai (2014

Victory Hook,

H01 lie. G3t April
(Accun Sham)- — ,

xil 22

22

Fined Interest Apr 21

BSSX&x: mm

Eoirty ind Apnl 22 _S4215
FlxedlOL Wl April ffi.B4.7jg
Conxtty- Inti- April ffir
Pacific Ind. April 22 .E

M. 6. TyireB ft Co. (Jersey) Ltd.

P.O. Box 02b, SL Hefler. Jersey. C.l.

Ortac 1 - 510.001 _

Unhro-tnves h nent- C e s ellschaft mbH

Pastfarti 16767. D 6000 Frankfurt 16

Uwlonds fnMT5 55 16.40MUD( —

Unirak UWSI.n 532S „_J —

Uri rents (MB5.9Z S361 — 3 —

V.CJL Financial Management Lid.

42, Esex Street, London. WC2. 01-3536845

PanAnwr.ftsFd. |S48S 3650) .. ..4 —

For Van Cucsem & taoc. see VXA FtewSaL

Vanbrugh Fund MtgmL IntL LtdL
28-34 HM Sl St Hriler. Jersey. 0534 36281
Vanbrugh Currency RU1119 U2J| t 9L33

S. G. Warburg ft Co. Ltd.

30. Greshan Street. EC2. 01-6004555

MrrCc.

Merc. Ure April 19-F
Sriectw: March 21 .f

Warburg Invest Mngt Jrsy. Ltd.

7 Library Place, SL Hriier, Jsy. Cl 053437217

tferc. Cn¥L Aprd 20..
Mere FrTsL Anr2l.
MriahTy. Apnl 15..
SMT LU1 April 22—
Mere. Tran. AprH 16.

3.64

L52

383

383

048126741

Phoenfar International

PO Box 77, Sl Peter Port, Gum.

Mer -Dollar Eund. 153.07

Far East Fund IC-41

IMI. Currency Fund-.

Dona- Frf ire Raid.

Star. Exempt Gift RL

Providence CapKoi Ufa Ass: (C.I.)

PO Box 121, Sl Peter Pen, Guernsey 0481 2672^9
Sterling Bond Fd. —

sssaer-

IB. 07

3311

E41

51?

QJ9

2.96

tLU

3.75)

W2n0ey Investment Servtcs Ltd,

4 Hi Floor. Hutdihan House, Hong Kang

warttayTrtKL 1SM29 25OT....J 4.82

Wtadky MWn As. FtLHjSs 37J3 zm
Ws-fcy Bond Trost J#.S2 98« .._.J 8.9B

Wanfley Jwn Tnz3.S13.71 m 3« J 12b

World WUe Growth Management^

10X BOuleeard FbyaL Luxembourg
Worldwide Gth Fd SU.48 I+CMX7I -
1 1®. tofl IL £ G. Inu. UogL, LM, Lnxfcn.

Wren Commocftty Management Ltd.

14 SL George’s SL, Douglas IciU 062425015

Wren Com. Fund 1403 4281

Chinese Fuxl..._.-„.f769 _taT|

Pre«xnM«ri F«id.p93 7
Vangutad undy.Fil _ fc

lotL&agFd.

197J

" s S3Sr?3Bfc ^

L30

as toll 21 Not dealing

Quest Fund Man. (Jersey) Ltd.

P.O. Bax 194, Sl Hriler, Jersey. 053427441

OuestSdq.Fxd.lnr_.Rp 705 07471 JH05UB

Qu&t Intf. Set*—™ -IM846 0.9301

SStlnll.Bd. 08^| .. JETIifl)

Prices on toll ZL Next Hading April S

Qufltar/Hetrwld CamndHMS

31-45, Gresham Sbvet, EC2V7LH. 01-6004177

R«tF«l ire toil l.WfiSW ■L5-0« 4 -

Next dealing May 4. ‘kserini

- NOTES

Prices are in pence uOtata odwnrise Indicated and
those designated S wrih no prefix refer to US.
dollar* Yields 46 fihownbi last column) allow for all
buying expense* ■ Offend prices inctrfe all
fijwd h Today's pnses. c Yield bated m offer
price, d Est Moure g Todays opening pneo.
ft D h t rtt ut M n fret of UK axe* p Periodic
pronXum Irosranw plans, s SmgJe premoan
insurance x Offered prise Includes aK expenses
eojsx naenfs cnrixnteioa. y Offered once tadudes
all expenses If boenbt through maisygersZ Previns
day’s pride. 1 Guernsey gros* * Suspended,
• Yield brim* Jene* tax. f Ex-aAdMsxan.
3 Only avnlBbta to durable bodfa*

•ME

We think
of nothing else

i«

Wjh Law

LOANS — Continued

I I Pita ] + arl HtW 1962

I Stock I £ [ - | lot | W. W* L

Financial 85

19B2

Hqb Lh

BRITISH FUNDS

Prw ♦ w[ YU)

£ - bL I fa

LOO 95%
97 99

» 80
93 82%

90 62

64% 54
60 53

70 62

‘Shorts’* (Lives up to Five Years)

85

3418( 14.83 ,8
13.90 iff
13.96 m
14.75

14.10 ftp
8£ «
as g

M78 ^
M« ^

95
163
163
110
64
240

72 %
90*17$!

t fejPPI

2

reawry 12*pc ,< Ktt
reasury IQpc 1992.

14.:
13.1
11.74
1451
12.68
14.42
14.47
23.22
2355 2446
9.03 12.64
13.22 1428
13.94 1438
12.72 14.07
13.85 14.42
1450

Da. Spc

Gr*fk7
Do. 6oc
Do 4pc

*25 Boner

1C ASS.

28 Sth. Ass
Mixed Ass.

Hung. '2
VonihdiE

4 Ass.—..
iSKioznii .

kzlsadbi

*2M

Do.9bf

Japan 4f
Do.bpc
Peru Ass
PeL M»
Turin9pi

tc ■*?!-% .

clOAss

•03-88..

.2007...

4trocD6.

cl991...

CHEMICALS, PLASTICS — Cont.

1482 1 ! I* sr> On. f 1 YTd I

Kgb Low I Sack | fasr j - I Net |cVriGrt[ FT | HSgfc

300 1260 IHoWb! 0.115—1 300 I ...;C21«V! O
sm \

• 1 p

281, 1 *-1 |t05 ] 601 23 71

63 I. 1 4.06 IO.ll9.Zl-
12
27

64

1074

sv
106
58
28*

134
35

124 [Beattie I
38 iBemalls
6

47 38

260 218
105 TO
m 130
41! 33

30 25

180 172
39 34

128 102
192 142
74 64

206 162
84 67

77

8-6 (UK
L9| 6 8(90}
« 12.7 «
2.7 5.1 (83)

1982

Lm

unn6%pcl9B4.| DM87

AMERICANS

6% I 1160

Prra U grl Dhr. I ly
£ j - I Sms |c>|g
17V«dl+* I _84c I - I

Exchequer 13*pc
RtdeapUon 3pc 1

64
94V

aiiSKSK£

781*

66
MV

njt

82V
89

78V [Treasury ll%pc *01-04
33V (Fueling 3j£JC ’994)4 |

59*

75*

90
44V
55V

B3v i Ex di-

ll ndated

27% |Cdnsofe4pc

26% War Loan 3%pc**_..
31% Icon*. 3%pc TIAfL ..

21 (Treasury 3pc 66 Alt-1

17V [Consols 2%pc

17% [Treasury 2%pc [

Index- Linked &

98% [Treas. Variable TZft.J
99% Do. Variable TOW —

' 47% Do.a*t.L 1 88(£KM)

93 Do-2pcl.L*%

86 % Do.2pcl.L-06

90 Do.29aicl.L20n...

Variable

1407
13.97
13.45
14.04
1328 1372
1387 13.45
14.14 1417

13.77 13.91

14.06 14.06
13.65

10.07 11.91
13.68 13.74
12.45 12.80
1314 1315

13.78 13.78
1175 12J4
12.48 1261
1301 13.22

1329 -
1268 —
1101 -
1314 -
1275 -
1310 -

1370 1312
14.40 13.77
207 257
232 289
236 276
262 274

INT. BANK AND O’SEAS
GOVT. STERLING ISSUES

98% 92% Finland 14%pc Lnl986 97% -V 14.83 1526

97V 93P Z InL Bank Sk 77/82. 97V 514 13.78

98 90% Do.l3%pcLnl986 .. 96Vd -V 13.95 1458

29% 27% Do. 14pc Ljv "87 (QOpd) 28', -V 1421 14.46

101% 94% Mexl6%pc2008 — 98% -% 1720 1753

97% 90% Sweden EPjpc 1986 96%d -V 13.95 1458

Fin. Corp. America
First Chicago $5 .
Fluor Corp. 5% ...
Ford Motor S2.-.

Honeywell SI 50.
Hutton (E.F.) SI.
I.B.M. Corp. 5105
lngersoll-RS2..._.
I. U. International II
InL Tel. & Tel. SI
Kaiser Al. 9*

CORPORATION LOANS

92% I 85 [Bath llVpc 1985 — | 91 I [123

96V B9V iBirmWl^pc 1985. 941, 132

CANADIANS

99% 87
90 81%

ft ft

97% 94%
76% 67%
98 85

93 87%

24V 21%
99% 95%
90 82V

85V 78%
72%- 64V
66% 56
22V 19%
96% 90V

9B ..
88% ..

B:

47% ..
75Vrt ■■
92al ..
92 ..

... 1236 1457
.. 1323 14.71
. 13.98 14.98
.. 1243 1456
.. 654 855

.. 1279 14.45
.. 9.49 13.98
.. 924 1389
.. 14.78 14.82
.. 1060 1435
..15.44 -
.. 13.45 1434
..10.51 13-70
655 14.05
. 858 1452
1065 14.87
15.02 -
... 1285 1441

COMMONWEALTH AND
AFRICAN LOANS

41% B5V [Aus».6pe 1981-83.-. 41% 6 73 13.66

65% 57 N.Z.7VPC 1988-92.. 65 -V UJ54 14.27

84 74% Do. 7%pc ■83-86. ... 83% -V 927 1365

158 136 S. Rbod0%pc NwvAw. 158 +5 — — _

66 58 Da. 3%pc 80415 As«d 65 548 17.80

41 32 Do. 87-92 Assid. TObd 11.25 17.5C

372 |31B IzmtabM Aim(tlOCW) 3604+10 — ) 19.55

LOANS

Public Board and ind.

66 I 57V |Aoic- Ml. 5pc *59-89 1 58V I- - I 8.73 I 1466

a 24% WfeTwir.Spc'B 1 ,28V 10.76 1336

lS 003 l/.S.M.C.9pcl982...| 212 | ... ./ 833 -
100% |94 Do. without Wamt5-| 100%l I 930| —

-15 SL96
.. SL84
+8 SL96
+24 15c

+14 SL80
-V S208
-% S1.90

4%

-ID 51.12
+7 44c

+1 96c

sS220

5120

. ... SL40
>4 susaoc
-25 SLID
+7 -

-V SL50 — 4.4
10V -V 5200 - 90
♦% ussia — 3.1
. . .. 5200 _ 6.8
-3 SL16 - 53

BANKS AND HIRE PURCHASE

1962 I | |+ Mj b». 1 inn

HW lew | Stock | Price | - | Ntt fCw/ Grt | P/E

255 +8 Q28c 33 6.7 45

215 -3 18.5 - 123 -

£61% 026% t 9.0 «

80 . ... 043.9% 55 112 23

12 -V tO-35 - 42 -

205 028.9% - 116 -

5 .... Q16% — LO —

IMr 1015 - 7.4 -

168 Q24c 2.9 86 4.0

405 ZL0 04j 7.6 3.2

446 -2 4220 51 85 3.0

233 665 - 4.0 —

315 -5 231 — 105 —

Guinness Mahon International
Fund Limited

A leading Managed Currency Fund
51% Total Return in Two Years*

‘Otter to tHd pnee 23.5.80 - 15.4 82 m Sterling with income reinvested.

Launched in May 1980 at a price equivalent to £8.63 (S20.20/SDR 15 38)
with dividends paid during the Deriod totalling £1 .61 (S3. 19/SDR 2.71 ) and with a
bid price of £11 22. (S19.77/SDR 17.82) on 15th April, 1982. Guinness Mahon
International Fund Limited is now the top performing Managed Currency
Fund with a total return of 51 .5% in Sterling (14.1 % in Dollars/35.0% in SDR)."

In a time of volatile exchange rates the performance of this Managed
Currency Fund has illustrated how profitable an investment strategy, an
investment in a professionally Managed Currency Fund can be. The price of
shares, however, can go down as weli as up.

How to invest

Fifl in and return the
coupon below— either direct to
' Guinness Mahon Fund
Managers (Guems^r) Limited
or via your broker/adviser.

We win send you toll delate of
Guinness Mahon International
Fund Limited.

Next subscription day
29th April. 1982.

"An realised return snea launch
dates, taking otter to bid prices and
income reinvested comparison with
Britannia Managed Currency Fund.
Cajwai Asset Currency Trust.
Schroder Managed Currency Fund
and Vantxugh Currency Fund.

Guinness Mahon
& Co. Limited

To Guinness Mahon Fund Managers (Guernsey)
Limited, P.O. Box 188, St. Julian's Court.

St. Julian's Avenue. St. Peter Port, Guernsey,
Channel Islands.

Please send me a copy of the Gumness Mahon
International Fund Limited prospectus ion lerms o!
which, atone, applications will be considered}.

| Address

222 184
375 310
16 10
23 13

43 28

418 318
66 51

16 15

283 210
22 20
95 73

66 58

62 42

125 122
550 438
172 135
33 31

106 73
980 615
225 190

48 34%

83 bO
31 21

72 59

50 35

77 62

280 234
266 204
126 103
150 93

120 98 i

87 56

vS

166 129

107 80

94 76

158 134
22 20

108 92

65 53

22 17

108 92

82 69
92% 71
20 16
165 130

37 30

37 30

161 119
33 27

104 82

76 64

92 78

302 210

$

100 73

17 11

£26% £21%,

83 48
115 105
170 130 |

96 84 '

39% 32%
'170 143
TO 70 I

-152 120 1

85 73 :

168 132
172 142
140 IBS I
96 81

66 66
12 % 8
101 84

29 23

67 53 ,

193 175
580 440 ,
150 110%

100 70

225 195
248 198 i
141, 12V
TO 70
1B7 151
£77% £60
123 103
195 156
44 40

142 89

97 79

184 134

44 35 ,

45 30

63 51

29 22

490 398
580 490 i
402 290
17B 160
36 20

570 510
61 50

185 168
55 46

180 153
66 50
33 20
160 132
113 84
203 177
110 93

Aberdeen Const - 220
Aberthaw Cem. 350
Allied Plant 10p_ 10%
Allied Res lOp,. 17
Amdiffe 10p._. 34

BPBIrxK. 5Qp- 406
Bzggeridge Brie— 62
Bailey Ben 10p. 15

BarrattDn. l(jp. 277
Beecfiwood iQp 20

Bellway 95

Benforf M. 10p 614

Belt Bros. 20p.. 53
8(oc«eys20p._ 125
Blue Circle £1 464
Breedon Lime .. 1404
Bnt. Dredging.. 33
Brann Jten. 20p 19

Brownlee 63

Bryant HMgs.... 1014
Burned & Hallam 760
Bun Boulton £1 225
C.Robey-A-lflp 41%
Carr (John) 77

Carron 214

Cement RoadOane 60
CombenGp. Iflg.. 49

Conder Int 674

Custain Group... 250

Do.Defd 236

Countryside — 126
Croudi (D.)2Qp 100 ,
Crouch Group... 108 |
Douglas RobL. M_ 62
jrDtummGrp.5p. 5

Erith 764

Fairtiough Coos. . Z49
Feb.lntl.10p... 1054
Do.‘A'lflp._. 824
Finfcn (John) 10p 1364
Franos Pkr. lOp . 20
French Kier — 102% i
GaMford 5p — 65 ,
GibteD'dyAlOp. 204
GtKwdMJJUp.. IDS
Glosop ...... 71

H. A.T. Grp. 10p 83%

Helical Bar 16

Henderson (P.C.). 165
Hewden St lOp 33
Heywood Wins. 32

Higgs & Hill 161

Howard Shut 10p 32

I. D.C. 20tt 91

Ibstock Jonnsen 704

Irt. Timber 78

Jarvis (J.) 302

Wayplant 5%

Jennings SA030. 75
MdransPb Up. 95
Jones Edwd. 10p. 15

Lafarge Cop. FIDO £24%
Laing(Jolm).... 77
Latham (J.)O. 110
Lawrence (W.). 166

For Leaderflush see
Leech (Wm.)20p 95
Leyland Paint... 39

Lilley F.J.C 152a

London Bnck... 894
Lovell (Y.J.J.... 152®:
(WcLaugMin & H . 824

Magnei&Sthns. . 164
Manners (Hldg) 161
Marchwiel 122
Marshalls (Hfx) 95
May & Hassell - 61
Meyer (Mom. L.) 63

Milbury ...... 66 it

Miller (Sun) lOp 12

Mixconcrete 101

Mod. Engineer, 23

MofiF(A) 58

Mowlem (J) 193

Newarthill£l... 532
Nett. Brick 50p 145
Phoenix Timber 78

Pochms 210

RMC 227

Raine inch. 10p 12%

i Ram irt. 70

Redland 170

RntM(£Wfm&l £69
Roberts Atfard. 118
Rohan Grp- 10p - 3654
Rowlinson lQp . 41

Ruberoid 1404

Rugby P. Cement 884

SGB Group 184

SSafp? & Fisher.. 394
SIwffieM Brk*. 42
Smart (J.)10p. 56

Streeiers lOp... 23
Tarmac 5QP-.... 490
Taylor Woodrow . 5204
TiRjury Grp. £1. 402
TrAvB&. Arnold 168
Trent HskTuip U)p- 35

Tunnel B 545

UBM Group 53

HlMCoaKDntBi-. 40
Vectis Stone lOp. 30

V! Implant 172

WardHUgs. IDp. 52

Do. DeM 45

Warrington 92

Watts Biate 1684

Wettem Bros... 52

Whailmgs 33

Whit'gh'mlZju. 253
WiggmGmuildL 92
WilumtConnoilir) 188
Wimpey(Geo).. 108

3.2 4.2 9.8
« 4.8 «

15 i (32)
— 20.6 -

* 11.2 4

3J 32 11.1
04 86 46.9
0.4 9J -
30 64 7.8
28 7.1(56)
13 10J 19.4)
4 7.1 4

24 84 56
24 7.6 U
40 4.6 67
» 7.8 4

- - 198
06 t (4.9)

16 8.4(91}

36 5i 62
40 2410.9

17 91 33

37 3.1 1U

- 20 -

2 511.4 4.9

* 74 *

20 85(68)

33 60 56

40 4 A 63
19 7.Z1D.4
L2 5.8 IU5)
27 ai 63
- - 14.2

J 7.5 ♦

1 5 4 7.9
« 3.1 4

* 39 4
« 6.6 4

t6.42'

. 115

*189 |

.. .. H245
-1 266
too

+1 375
. ... 10
... 11235
. . .. tl-0
.... 7.0

3.03

... . <0.1
... 7664
-2 tlS.O
. ... 7.63

■

-2 43-94
+« 413.0
... . *5.0
. ... 16

168

... 03 .

+1 0315%
. ... 255

«W.O

1105

il" 3 85
+3 5.05
.. 44
|+1 »5

-2" 40

5.5

225

+1 225

6.25

! 1055

7335

1+1 thd25

1.4

1 285

4.62

m

♦ 5 19.75
.... 128
... . LO
.... 65
hl33
.. H557
-1 4.5

... . 4.0
tl3.Z

wiik

+2 g353

....I 80

... . f 8.25
rrem Hldgs.

+i ST
.. is
-2 g55

4.89

. . . n4 0
.... 5.75
. .. 5.0
+2 5 4

66

45

-1 33

+1 *3.0
4.9

1 4.05 * 5.7 ♦

.. .. 30 0918.6(9.8)

.... 12.75 4.1 b.B 6-2
+2 t8 75 28 b5 (64}

+7 d7.0 5.7 L9 114

6.62 13 65 HU)

+6 *10 - * —

..„ d.O 6 A 6 1 27

-1 9 5 o23 6.1 8.2

-% 20.1 113 11 8.7
.... gd50 21104 53
-1 r7 34 17 6.2112

_____

80 30 97 4.7

-21 0165% * 82 *

. . d051 33 21 184

4.7 3.9 4.8 7.6

50 * 8.1 «

+2 5.6 2.9 4311-5

... IS f 6.6 *

-1 175 U 6.0 -

+2 <13.6 22 9 2 72

-2 ' Tib 0 Tl ?7 80

+10 1631 Q31 45 89
+7 25 0 A 9.3 «

394 4.5 3.4 8.1

20.7 55 29 60

-5 «18.0 22 4 7 115
. ... *3.0 - * -

d3.5 d. 13.3 A

18 22 06 6.9

.. ..dl453 00 121 (277]
1x2 U4.2 23 115 (43)

44 — — - _

! 4532 26 8.3 (54)

... 357 t 30 ♦

!!!!'.; 10 43 43 57

7.0 4.1 6.5 41

-1 725 69 3.9 39

.... 30 * 23 *

+1 255 4.4 3.4 60

1£0

31 Paradise (B)Lfa.
68 PetenSiBWlOp.
PollyPecWSp...
Preedy (Alfred)
PuUnanR.6J.5c
RamarTesLSp
Rainers 10p

28%

65
60
39%

80

32 25 Upton (E)'A\ Z7

138 113 Vamona20p. ... 134

66 50 Walker (Jas.)... 52

62 44 Do.N.V 49

Z22 95 Waring 4 G'Pow 101

62 51 Wearwell 5p.- 57

94 78 WiBrosn Wartan. £8

57 45 Woolworth 46

ELECTRICALS

33 4.5 7.6
32 55 73
« 10.0 4
25 3.8(121)
13 9.3 n.9
25 4.7101
0.6 * 014)

25 8.4 7.6

- 5.7 -
24 45 DU)

* 59 *
39 60 50

2.1 8.7 65
03 9.2 -

- 7.3 _
32 62 64

- - 106
20 7.2 7.0
23 5.4113

- - 465

* 115 *
15 53 (HI)

- 10.4 -

• 73f 6

1.1 9.9 (231)

♦ 56 *

♦ 5.Z «

22 7.9 81
39 38 77
32100 48

23 4.4 131
27 4.8110
10 7.7(85)
2.7 b.8 6.2

— 77 _

— t —
31 111 (30)

CHEMICALS, PLASTICS

Mahon rmpmanona' omeep Gwnness Manor 4 Co L<mwc

600 475
198 136
83 74

48 31

£32% £29V
E32V £25%,
118 96 !

137 117
21 12
46 36

£93 £B7%
£92% £85
133 11®

142 118
321 145
72 46

245 t00

AlOO Ft 00

Ail'd Colloid lOp .
AncnorChem. ..
Arrow Chemicals.
BASF AG DM50.
Bayer AG. DfeUfl
Bfagden inos....
Brent ChemslOp
Bnt BertW 10p..
Bm TarPrd lit.
C<nG.8%OrBlf«
De8i4%£m82f95..
Coalite Group—

Coates Bros

Do. ‘A 1 NV. ...
Cory (Horace) 5p
Cnda lot. lOp .
Croda im. Detd.
Diwir-SlrandSo .
Ellis & Ewward.
FisonsEl ..

Halstead (J ) lOo
Hfcsn. Wffch50p.

. 010% 4> 7.3 A

+1 1i73 27 2123.7

... 30 4 54 «

.. 014% T Tl *

(B18S U 8.3 30.1
..60 15 81 116

. 2.3 20 28 ZU

21 15 ~6 Mi)

... 3S% « fB.7 —

W . 4> F9.2 -

40 51 50

+2 3.3 0 6 2 *

152 113
110 78

290 180
245 180
28 18
9 4

5% 4

226 116
333 269
87 68

236 178
26 20
262 208
140 91

250 214
38 25

154 IDS
57 42

56 48

104% 77
76 58

Z10 L«J

165 tWO

125 114
30 25

400 233
185 84

109 102
692 620
65 42

■96 51%

63 25*

185 138
847 788

54 37

115 90

12 % 6
30 19

22 16

100 72

280 220
247 180
320 Z35
288 215
£126 909
20 U
£36*4 £27%
136 109
87 80

12 7

310 197
205 154

55 30

£36% £27V
£202 £133
67 55

25 16

£51 £44
540 427
108 70

225 173
218 168
385 345
36 21

140 50

435 347
253 170
112 68
315 230
-167 122
930 675
IIS 54
540 430
69 50

365 315
485 415
129 116
125 108
265 200
38 19

337 282
75 60

121 98

113 87

21% 15»j
46 36

117 102
220 188
141 120

A.B. Electronic.
»A1G StcEkcscc.

i-Air Call

Am st rad

Arlen Elea

AudHrtroniclOp
Dc 12pePtg Pr*t
Auto'led Sec. lOp

BICC50P -

BSRIOp

Bowcharpe lOp.
Bulgin ■A'Sp —
USrwWiwcSflB
Cam bridge Elec. .
CAS E. (20p).

Chtonde Grp

DaT-jcL-Cr/P-
Concort Rea. lOp
CravEl'iromc lOp

S stable 5p....

e Elect. Wo
Demtron lOp —
Dewtwrst 'A' 10p
Dowdiw&M. lOp
Dreamland lOp.

Dut.il ier5p

ESI London .._
EJwt'coropj 10p-
Electronic Mach.
Bed Rentals 25p
Em ess Lighting
Energy Serw. lQp-
EuradwnnlB lOp.
Farnell Elec.5p
^Feedback lOp

Ferranti 50p

Fidelity Rad. IDp.
First Castle lOp
Forward Tech—
Fuiitsu V50 —

G-E.C —

iGrruKSCwCoon.

g-Hadland

Hemokinehcs lc.
Highland El 20p
HMersorB lib-
Jones Stroud.—

Kode lm

Lee Refrig

M.K. Elect nc...
Metnec 10p— .
Mitel Cnro.]|-.._

Molyiw 200

Motorola 53 —

Muirhead

Murray Tedr Inn.
Newman rods...
Newmarh Units
Niooon EVd, Y50
NormandEI 20p.
Norsk Data AG .
PfHrm-Ehntr «qc
Petbow Hldg lOp

Ptiicom 10p

Philips Fm. 5V%
Philga Lp- F10.
Piero EIPnh.lc.
Pifca HUgs. 20p_
Do.-A'ZOp..-.

Ptesvey 50p

PressaclQp.....
Quest Auto lOp.
fbcal Oectnc,..

Rediffusion

i-Scan Data 10a.
Scholes (GH)—
Security Centres..
Sony Co. Y50 ...
Sound Diftyi.Sp-
Sa Tef. 8 Cables.
Suter EJectricai 5p
Tele fus ion 5p...
Do.’A' N/V 5p.
Tele. Rentals....

Thom EMI

Do7bCi»I* 5A4
Thoroe F. W. lOp
UnhechlOp -.

rUtt EiKmsK2t_
Did. Scientific..
ItairMtV HC25 .
Ward & Gold . .
ffceWrEl 12>»
weiico HWs. 5p
W«n SH«t2(ta
WhilwonhE] 5a
WhteM* Fig 10c
|Wigfall(H.)

I +2 t40 Z7J 3.8)0111

bL75 23 23 27.1

.. . 5.6 * 28 0

+10 ttf3-95 5.1 £4115
cfl.O - 5.7 -

qL Z 1 Z

\ *7 145 « 0.9 «

-2 1837 23 4.7 011J
+1 1.0 o2.0 L9 0UI

+2 3.4 2 * 21 *

-1 L35 0.6 8.8 (B3)

-1 06 3 20 3.719 3

+4 40 28 4J 9.7

H3.15 « 1.9 »

: 7 %% ~ m -

+2 20 * 61 4

+1 thU3 28 2817.7
-% L75 16 2J1L9

... . <J25 LI 5.8 m
B— — — — •
... 015 - L8 —

tl.65 L6 6.912.6

. . .. 0J5 - 3.1 -

L55 26 3.0

H21 — L4 -

*■5 42.95 3.5 L7 2L2
+3 - - - 41

+3 4.31 L4 7.0 034)

16.75 24 8.4 (5.6)

10.75 3.1 3.9 10 J

. . d5.0 25 1.9 25.7

*2 tU 4.7 1.0 30J

bZ.0 30 21 20J

. . 16.5 5.4 L414.6

i-2 0.1 - 02 —

-1 bl.75 27 4.4(9.61
3.0 - 120 -

+1 013% 18 0.9 28.6
-5 tlOZS 51 1.7 14.2

-5' 4252" H 40 mi)
-1% - - - -

. 0.5 - 2.9 —

* 52 LB 761871

7.0 27 3.7 112

80 6 5.1 «

.... 120 L9 5.7 1L4

30 25 L6 35J

-43 - — — -

-1 - — - *

-V 051.60 - 24 -
-2 30 21 37 15.8

bZ Z Z Z

-2 1L0 23 7.0 7.6

*1 Q13% 29 0.9 39.9

44L09 - t -

.... 05% * 0.5 «

’ U
52
50

32
40>:
232
22
54
265
39
L3
20 15

13»s 9%
34 2£

, 6b
£58
1 36
44
134
42
17
80
92
15
41
94
I 70
82
! 23
17
56
126
I 91
170
12
65
23
99
27
132
150
11 %

195
154

196
166

9
290
341,
102
19
ISO
13%
6

I 52

22 11

52 40
140 114

60 36

53 40

18 141;

44% 33
14% 12
14% 12
325 240
32 25

230 216
114 92

66 55

136 104
48 ! T9
182 ISO
116 98

19% 131*
37 26

73 60

90 77

6% 3

151* U
210 176
45 34

77 55

30 27

39 27

74 60
212 144

34 28

79 62

56 45

48 38

50 TO
28 22
56 SO
53 42

52% 46
26% 21%
14 9

416 353
75% 6t%
17 15

112 94

21 14

14 10

150 132
242 216
17 1

78 56

34 24

22 16

45 . 31
28 24

48 42

430 305
22 16%
30 22

146 116
144 120
280 242
20 is

91 83
7B 70
*168 55
142 115
155 132

85 63

77 66

26 10
11 B
63% 45%
TO S3
56% 38
13% 8%
122 92

182 74

22% 16
310 280

Irilkliiifii

Attwoods.

AusffF(Uv}Ui>
Avon Rubber £1

BOC Group...
h<fcCrU*U3Dl

Beauon Clark

ksnJ&HB5p

38
210
65 6?

Preywieh Parker
Priest (Ben) —

146
122
138
64
21
136

«

52
37
56
37
107
100
10
338
TO
737
£93
13

68

68 55
£17% £11%

28 21%
48 38%

69 53

Owk Group 10p

. . . 03 - 1.9 -

. . 051.% - 020 -

-5 Q1S% 10 7 2 133
*2 — — — —

508 4.6 4.4 70

.. . 508 4.6 4.5 60

•7 T7.63 Z7 2.9181

1.1 80 60 -

-a gio - 1.9 -

+2 14.55 30 1.7183
-2 5 5 2.1 3 4 20.6

*.... T1652 II Tl 87

-3 $1 5 2.4 L4O02

-10 uQSm 60 13130
-4 h06 15 0.9 -

13 J 20 3.615.0

. .. 1 74 « 4.8 4

*1 tLb 30 4 5 7.8

TL6 30 4.6 7.7

-3 S.25 20 3.6 16.2

1403 2.0 4.9 122

7% 157 85 -

... t2.45 4.4 28 98

17 0 19 3.816.0

.. 157 3.4 7.0 5.4

. h30 30 13288

-3 T54 24 70 1671

*35 17 4 5 160

1 51 80! ZS 69

-5 1413 32[ 2A150
... 6 0 L4 6 6 11)61

70 67

110 89

155 lffl
152 120
78 68

270 240
145 134
8 6
245 200
24 lb
73 62

B0 62
131 109
170 130

96 92

63 54

480 97

14% 12
58 48

105 65

75 68

35 30i*

205 190
131 118
280 228
207 200

soft Dion
Foods lOo.

n

nl.ri&pp

airws.—..

"hheries...

' -II 111 ■

Barker & Dip..
Barr(A.G.)

Bassett (Geo)...
Baileys Torfi lOp.
Bejam lQp

Do

Bhreb

Brit.

TrK

irdConf...
sugar S0p

§§||

26
31
700
43
23
82
82
215
139
82
135
102 85

262 235
11% 9

69 50

41 31

63b

, _ ttLM

« I

3.3 I A I 6.31 4

95 A
L2)12.5|(92)

... 11

•1 bid
>1 —

-2 H5.91 L3 6.317 4

100 1.0 46 lllli

. ... 2.65 34 fa.5 68

+ 5 7.5 23 4J24.C

ENGINEERING
MACHINE TOOLS

16 10 Al Ind Prods .. 10 O0I — — —

270 227 A.P V. 50u 262ml -2 9.6 * 5.2 0

13 7% AbwoMlOc . 9 109

7fc 66 Acrow 74 ... 0.75 - 14 -

50 39 Do 'A 1 .. _ 44 0.75 - 24 -

1% 173 Ad»i*i Group... 180 ' -J 7 5 23 66 94

48 38 Allen WG ... 40 ±3 11 t —

107 B9 Andw S'sJyde.. 107 .... t*0 28 53 7 5

300 250 AsfliUcy.-... 285 At . 14.0 Zi| 7.0f 7.1 f

*130 107
225 208
178 14b
320 254
66 60
114 83

260 211
57 50

197 164
Sb 52
•197 147
112 95

90 83%

172 142
84 71

245 178
176 148
154 132
14 12

87 71

54 49

69 56

Danish Ben ‘ATI
Enqbnd(J.EJ5p.

FsherfA.)

Filch La roll

HilUrtslQp

Hinton (A) lOp
Home Farm lQp.
iknkyCRMwrTOp.
Kwlk Save lOp.
LennaiKGp. lOp.
Unfood HMgs...

Lowell (G.F)

Low (Wn ) 20p
Matitews(B)...
Meat Trade Sup
Morw'nfW ) lQp
Needier.

Northerr. FvSth.

Panto ( P.) 10a.
Paterson Jenks.
Py*eHlTO» lOo
R.H.M

324
235
200
82
3<M
49
39
77
130
220
166
295
66
92
2SO
53

U4 ...

56

186r -2
100
89

142mf
73
220
164
152
13
82
49

20

*

L95

5

1186 2.6M.7

Hewitt (J )

HpfttMAJnSOD
toll (Chasm.

Holden (A.)

Hotlls Bros

NaQUsfdlnLlOp

Hoover

Hoskins &H20p.
Howard Tenens
Hunting Assoc. .
HuntleiqhlOp .
HnlBlWunaWKl
Hyman (I &J)5p
I C. Inoustriesll

Inter-City 20n
'.I B HokknqslOp

lickuns Brtjr.-ie I 248 I ISO
WWtlftl ( 252*|+% tLO

5 t

v-

U St

U2 m
u r 7fc
74 48

54 44

U? U2

RIGGS

iSSESSSSSJiSP^S

tzbettetbuq*

RIGGS LONDON BRANCH *

THt RtiCii.'w'iTI&’^V B^-^.CFV.ASHJNCCN DC
ItCENSiQ ns. POST T»>.£Jl
SUcewfe.— wM. Itn+ntCfiSOC

Dealers: Tel 01-626 3515 Tetex 89ZS07

FINANCIAL TIMES

Saturday April 24 19S2

y—\

fe f

HERBERT

MachineTool Technology
British and Best.

MAN IN THE NEE

The ISA’s

cultured

buccaneer

BY CHRISTIAN TYLER

JOHN WHITNEY made his first
radio programme ai the age of
17. By 21 he had his own pro-
duction company supplying the
leerzybappers’ station. Radio
Luxembourg. In the course of
the past 30 years he has moved
from radio, to television, and
back to radio. For most of that
time self-employed and financi-
ally successful. Air Whitney has
been one of the buccaneers of
British commercial broadcast-
ing.

This week the poacher has
been appointed gamekeeper.
The hustling programme-maker
was the outsider chosen to
become the next director-
general of the Independent
Broadcasting Authority, respon-
sible for the administration and
control of an industry with an
annual revenue of some £700m.
He takes over in November
from Sir Brian Young.

The son of a scientist-inventor
and poet Mr Whitney has
inherited something of his

Prudential puts £45m complex up for sale

BY MICHAEL CASSELL

PRUDENTUL ASSURANCE,
the leading investor in UK
commercial property, is trying
to sell one of its most valuable
properties.

The group wants to sell, for
about £45m. its freehold
interest in Central Cross, the
229,000 sq ft office-and-shops
complex in Tottenham Court
Road, London. The building
ranks sixth in value in the
£2.5hn property -investment
portfolio held by Prudential
life-funds.

Central Cross, generally' not
considered one of the best

examples of modern London
office developments, was built
in the late-1970s as headquar-
ters for EMI. Prudential
developed the scheme in con-
junction with Thorn-EMI and
funded It with £30m.

EMI'S later financial prob-
lems halted the move. EMI
was left with a 35-year lease-
which can he extended to 140
years. Most of the floorspace
has been suh-let by EMI.
which pays an annual rent of
more than £2.5m to Pruden-
tial. -

The principal office tenants

are the oil companies Amoco
and Amerada. Rents for sub-
tenants are believed to be
abont £15 a square foot. It
is understood about 12,000
sq ft of office floorspace is
vacanL

Mr Peter Green, Pruden-
tial's joint chief surveyor,
said that although the dis-
posal would represent a sub-
stantial sale it meant no more
than fine-tuning in the context
of the group's total property
investmenis.

Prudential, alone or in part-
nership, Is involved in UK

development projects costing
shout £200m.

Mr Green said Central
Cross was not the hest pro-
perty in the life-fund's port-
folio. h had been selected for
sale as a successfully-com-
pleted development which
ought to be readfly-marketahle
because of the shortage of
similar-sized buildings in im-
proving West End locations.

He said the funds raised
would be used to upgrade
existing property and to pur-
chase and develop new pro-
perties.

Civil servants offered pay
rises of up to 6.25% ^

BY PHtUP BASSETT, LABOUR CORRESPONDENT

THE GOVERNMENTS inten-
tion to make Civil Service pay
reflect more closely the impact
of market forces suffered a
setback yesterday when an
arbitration tribunal significantly
improved the size and the shape
of this year's pay offer to
530.000 white-collar civil
servants.

The tribunal’s award of in-
creases ranging from 4.75 : to
6.25 per cent is subject to par-
liamentary’ approval, under the
terms of the agreement which
ended the 21 weeks of damag-
ing strikes in the Civil Service
last year over pay.

While the initial reaction of
Treasury' pay officials was tenta-
tive, overall acceptance of the
award by the Government seems
likely. It is understood that the
Government was prepared, if
necessary’, to accept an award as
high as S per cent.

The Government is unlikely
to announce its response to the
award much before the end of
next week. The Cabinet may
well use the award to help it to
decide what to do over reports
on top salaried and armed
forces’ pay, which are thought

to recommend increases substan-
tially higher.

The Council of Civil Service
Unions yesterday accepted the
award, -though it agreed it fell
“far short" of its original
claim for 13 per cent. Union
leaders were particularly-
pleased with the tribunal’s find-
ings on its annual leave claim,
which they said gave them
about 90 per cent of what they
had been seeking.

The terms of the award are
such that union activists would
find it difficult to mount a case
against it But union leaders
acknowledge the possibility of
unofficial industrial action.

The Government hopes that
the longer-term inquiry into
Civil Service pay, chaired by
Sir John Megaw, will support its
argument to apply market
forces more directly when it
delivers its report in the
summer.

Its original and complex
range of pay offers of 0-51 per
cent to some extent preempted
the Megaw inquiry by being de-
signed to reflect the ease of
recruitment and retention of
staff at a time of high unem-

ployment.

The award of the Civil Ser-
vice Arbitration Tribunal,
chaired by Mr David Calcuit,
QC. goes some way towards
undercutting the market forces
political philosophy behind the
original offer. By increasing ail
the offers, the award proposes
muph greater payments than the
G overament believes necessary
to get and keep staff.

By increasing the cost of the
award to about £235m from the
original £ 1.70m offer. the
tribunal may have undercut
further the market forces argu-
ment by leaving little money
available to find special allow-
ances for such hard-to-keep staff
as computer operators.

However, the overall shape of
the offer — different pay rates
for staff with longer experience
— has been maintained.

In its overall size, too — put by
the Treasury at 5.9 per cent,
although by the unions at 6.5
per cent including annual leave
— the award Is lower than many
recent settlements, including a
7 per cent deal agreed yester-
day for postal workers.

John Whitney

father’s double image. This
entrepreneurial media man
does not brandish large cigars,
nor pepper his conversation
with talk of dollar contracts. As
managing director of Capital
Radio since 1973 he has brought
to populist broadcasting a cul-
tural and social dimension: a
job-finding service for London's
teenagers, sponsorship of adven-
ture like Operation Drake, and
classical music.

Mr Whitney, in sum. is a man
of catholic outlook. In private
life he enjoys chess the has
reached Level 7 on his talking
chess computer) sculpting, and
photography. His taste in music
is also catholic: he enjoys pop
groups like “The Police” and
“Queen," likes jazz and
classical music. His wife Roma
Duncan was a member of the
London Festival Ballet, and
through Capital Radio he has
supported the London Youth
Orchestra, the London Choral
Society and the Wren
Orchestra.

As a member of the Society
of Friends, a Quaker. Hr
Whitney has lone been
interested in penal reform and
has visited prisoner? as a
trustee of an organisation called
Recidivists Anonymous. Thai
does not mean, he says, that he
will be donning ihe cloak of a
moral crusader at the IB A. His
outlook, he believes, is one
already shared by members of
the Authority. As a business-
man who has produced, written
and sold programmes to the
broadcasting contractors, he is
in no rush to pronounce on the
shortcomings of modem radio
and television.

His business career spans
virtually the life of independ-
dent broadcasting. His first
company. Ross Radio Produc-
tions. once the largest indepen-
dent contractor for radio, was
knocked sideways by the
arrival of commercial television.
Hp moved into the new medium
both as writer and producer of
series — among them “ The
Power Game" and “Upstairs
Downstairs" — and as innovator.
He was founder chaimvn c»
Autocue,' bought as a bankrupt
business in the U.S. for $5,000.
and now marketing television
prompt systems in 4ft countries.

In the mid-1960s. Mr Whitney
turned his attention again tn
radio — “ my first love.’’ As
chairman and co-founder of the
Loral Radio Association, he
lobbied hard fn^ parliamentary
licence for commercial radio.

At 51. John Whitney has
reached one of the ninnacles of
broadcasting. It will mean a
drop in 'salary and the loss nf
hi* outside business interest.
Put the radio and TV enm-nanies.
as thev look forward in the era
nf cable and satellite irnrs-
mfcsion. can scarcely complain
that the new director general
nf the IBA does not understand
them.

If they are to he mid cert from
their accustomed paths hy the
IBA. it vriir he by a man whose
cultured. Reithian instincts are
tempered bv a lifetime s
experience on the cutting room
floor.

Explosives monopoly to be curbed

BY BERNARD SIMON IN JOHANNESBURG

THE South African Government
is to force the mining industry
to end its exclusive contracts for
the purchase of explosives from
AECI, the country's largest
chemicals producer, in which ICI
and Anglo American Industrial
Corporation are equal share-
holders.

Dr Dawie De Viliiers, - the
Minister of Industries, said yes-
terday that the Government has
accepted proposals by the Com-
petition Board, an official anti-
monopoly watchdog, that restric-
tive business practices in the
explosives industry should be
declared unlawful.

The board said in a report
that “ the effective preclusion of
a vast majority of explosives
consumers from the right to

choose, and awesome barriers
cofronting new entrants in the
industry, have not been justified
in the public Interest."

AECI accounts for about 98
per cent of the South African
explosives market which is the
largest in the world after the
U.S. The company’s explosives
sales totalled R282m (£151.3m)
last year, and contributed a
quarter of its net trading profits.

The Competition Board was
asked to investigate the Cham-
ber of Mines contract two years
ago, following complaints by a
small local company. National
Process Industries, that the
agreement prevented it from
competing for the business of
Chamber of Mines members.

NPTs product, known as ;
Tovex. is a slurry-based explo- '
sive manufactured under licence I
from E. I. Du Pom, the UiL
chemicals company. In contrast.
AECI has concentrated on dyna-
mite, made from nitroglycerine.

Share prices of Kanhill Indus-
tries. NPTs parent, rose from
145 cents to 230 cents on the j
Johannesburg Stock Exchange |
yesterday. >

AECI has conceded that its [
contracts with the Chamber of [
Mines, first signed almost 60 j
years ago, are restrictive. But
it argued that they were in the
best interests of the mining in-
dustry from the point of view
of continuity and reliability’ of
supplies.

Continued from Page 1 I AUEW VOteS f Of aCtiOD

Britons

warned

against Labour left

He added that the Argentines
had been extremely surprised hy
the strength of the international
reaction from the UN and Com-
monwealth, and the EEC, and
by the rapid despatch of the
British naval task force.

Difficulties still remained,
however, over the three points
of baste concern to the UK —
the arrangements for an
Argentine withdrawal, the
naiurc of any interim
administration, and the frame-
work for future long - term
negotiations.

Argentina was still a long
way from abandoning the idea
that it could extend its claim
to the islands by force.

Mr Pym earlier had a break-
fast meeting with Mr William
Clark. President Ronald
Reagan's National Security
Advisor.

BY PHILIP BASSETT, LABOUR
PROSPECTS OF the Labour
Party' taking direct action to
expel groups such as the Mili-
tant Tendency moved a step
closer yesterday when the
Amalgamated Union of Engin-
eering Workers voted to press
for reintroduction of the
party's list of proscribed
organisations.

Left-wingers at the AUEW
national committee voted solidly
to oppose the call to reintro-
duce proscription and attacked
the move as a “ witch-hunt ” of
the left.

The union is the second
largest affiliated to the Labour
Party. Its dominant right-wing
was divided on the issue, as
union leaders had feared, and
six moderate delegates crossed
the floor to vote with the left.

This reduced the normal 56-35
political split to 47-41 vote, with
the remaining three of the 91
delegates abstaining.

The dissident right-wingers
■were concerned to maintain
party unity but the level cf

CORRESPONDENT 1

opposition in such a union as
the AUEW — a standard-bearer
of the trade union right — must
pose a threat to moves for
bringing back proscription.

The narrowness of the vote
in the policy-making national
committee of the AUEW — meet-
ing in Easrbourne — is a clear
indication that trade unioo and
party right-wingers face a diffi-
cult task pushing such a pro-
posal through the party con-
gress.

Delegates also voted over-
whelmingly for motions calling
for the return of a Labour
Government but refused by 58
votes to 32, with one absention,
to support a proposal calling
Ifor industrial action to oust
the present Government,

This vote was significant
because it was the first time in
the week's meeting of the
national committee that the
left had not maintained its
rigidly disciplined 35-Srrong i
vote. Three delegates either I
abstained or joined the right. I

U.S. price index

Continued from Page 1

The March decline means
that the July cost of living in-
crease for the country's 36m
social security recipients will
be held to 7.4 per cent, against
Jl.2 per cent last year. The
increase, which will cost S11.3ton
i£6.4bn) over a year, is calcu-
lated on the basis at the infla-
tion rale in the first three
months of the year.

Mr Murray Weidenbaum,
chairman of President Reagan's
Council of Economic Advisors,
said; "All Americans— managers
fcod workers, consumers and
savers, young and oid — are ex-
periencing the benefits of lower
Inflation rales.”

Meanwhile. Mr Paul Volcker.
chairman of the Federal Reserve
Board, rejected Democrat-
inspired suggestions of a deal
under which the Fed would

ease its monetary policy in ex-
change for approval by Con-
gress of a budget compromise
that “ substantially ” reduced
projected deficits.

Smaller deficits would lead to
lower interest rates, making a
change in monetary policy un-
necessary^ To be adequate, how-
ever, he said, the cuts would
have to exceed SlOObn — com-
pared with the S56bn in budget
savings originally proposed by
Mr Reagan and the S80bn cur-
rently under consideration by
Congress.

"We do not gain anything
from having a responsible fiscal
policy if we loosen up on
monetary policy,” he said.

“ Without monetary discipline
we have no chance, of getting
rates down and keeping them

there. We do not intend to re-
treat. We intend ito do our
pan."

0 OECD consumer prices rose
0.5 per cent in February, com-
pared with 0.7 per cent in
January and a 0.9 per cent rise
in February 1981. This brought
the rate of price increase over
the 12 months to February
down to 9.1 per cent i compared
with 11.2 per cent registered a
year earlier) 3 and the rise oves
the past six .months to 4 per
cent.

Monthly developments in
February were influenced by a
less-pronounced rise in seasonal
food and a marginal decline in
retail energy prices. Non-food,
non-energy prices continued to
moderate hroadiy in line with
the overall consumer price
index. 1

Ajaccio F
Algi&ia S
Amsdm. C
Athens C
Bahrain C
BarcJna. S
Beirut S
Bellast C
Beigrd. F
Berlin S
Biarritz C
B mg ton. F
Blsckql. C
Bordn. S
Boulqn. F
Bristol F
C

Budps;. r
Cairo S
Cardiff F
Cas'b'ca C
Cape T. S
Clucq.t
Cologne C
Cpnh$n. C
Corfu F

Denuerf F
Dublin C
DbnrnL. F
Ednhgh. S
Fjro C

Florence F
Frantrt. F

Fun anal 5

Geneva i

Gibr»»;ar C
Giiasaotfi F
G'msay S
Helsinki S

H. Kong 7i
Innsbrfc. F
Invrnss. C

I. 0. Man r

Istanbul F
Jersey 5
Jc'burq C

L. Pirns. F
Lisbon S
Lnaarno S
London F

« 55’ Turns S
18 V.-.lenc-a C
21 70 Venice S

21 70 Vienna 5

IS 59 Warsaw S

U 57 Zuncn S

THE LEX COLUMN

Calmer seas
equities

seeks full
SE listing

By Carta Rapoport

By Our Labour Staff

MARKHEATH -SECURITIES. a
small North London property
company which obtained a quote
on the Unlisted Securities Mar-
ket only eight months ago, is
set to become the first USM
company to more to a full quota-
tion on the London Stock
Exchange.

The USM was launched 18
months ago to proride a market
for the shares of smaller com-
panies which normally would
not qualify for z full listing.

Markheath said yesterday it
could have opted last August
for a full listing but chose the
USM because this required only
10 per cent of its equity to be
offered to the public. The com-
pany said the USM. however,
had not given it the status In
the trade it had hoped for.

Mr Paul Bobroff. 30, its chair-
man. said: “We are coming a
little earlier than might have
been expected, but if you are
successful the movement is
inevitable.”

The company recorded pre-
tax profits of £ 1.34m for 1981,
compared with £lm in 19S0.

The Stock Exchange yester-
day confirmed it had intended
companies to establish a track-
record on the USM before mov-
ing to a full listing. In
Markhealh’s case it said the
company joined the USM with
a suitable track-record for a
full listing. This was the first
case of its kind

.Markheaih's graduation from
the USM means the company
will not have to buy national
newspaper full-page advertise-
ments for its prospectus.

It does not have a merchant
banker. Sheppards & Chase,
stockbrokers, are advising it.
Markheath intends to issue a
further 675.000 cumulative con-
vertible preferred shares so \bat
25 per cent of total issued share
capital will be in public hands.
A full listing is expected to be
granted by April 30.

As of next week about 100
(Companies will be trading on
the USM. Their combined
market capitalisation will be
more than £lbu.

Details, Page IS

Weather

UK TODAY

Early mist or fog patches,
becoming dry with sunny
periods. Northern and
Western Scotland will be
rather cloudy, but mostly dry
with sunny intervals.

All areas

Dry. sunny intervals. Max
S-10C 14&-50F) in the North,
13-1 4C ( 55-57F) in the South.

Outlook: Mainly dry and warm
with sunny intervals.

WORLDWIDE

Y’day '
midday!

‘C -Fl

77 63: L. Ang.f C

19 66 Lunntbg. F
3 AS Luxor C

14 67 • Madrid S
29 34 M^orca S

78 64 Ha lag a C
21 70' Mails C

11 62 M chair. C
3 48! Melbna.

12 54 1 M*. C t

17 63 M>am< t C

12 64'Mrian F

10 50 Ma.iirl.t C

20 68 Moscow C

11 52 Munich 3

13 53 Nairobi C
74 5 7‘ Naples F

9 48: Nassau
26 79'Nwcstl. S

12 54. N Yorkf S

18 6« 'Nice F
25 77 ; Nicosia F
-- — | Oporto -5

15 4? .Oslo R

7 45 i Pans F

14 57lPar;h

2 SdProgus F
11 52lRsykjvk. R
11 52. Rhodes S

10 50: Rio J o!

17 tt.Rsdie C

16 61 SalJbpj F

15 59' S F'cisct

13 6*j S- MoriU

14 57 Singaer. T

17 63 S’riagot

11 52 StcVhm. C

12 54 Sl/a-sO.q. S
9 48, Sydney

21 70 Tangier C
12 54'Tcl Av.y S

8 46 Tenente F

10 50 Tokyo S

11 52 Trnant C

The stock market's attitude
to the Falklands Islands crisis
has now become rather cool.
The trembling is over— for the
moment at least — and investors
seem able once again to took
at matters outside the South
Atlantic.

The crisis has entered the
market's consciousness and
lodged there rather as though
it were a conventional long-
drawn-out nuisance such as a
public sector strike. Ten days
ago any outbreak of hostilities
whatsoever would have sent
prices plunging in circumstances
of near panic. It is now quite
possible that the sound of gun-
fire would occasion only minor
weakness, provided -always that
the Royal Navy came out of
it welt. At the beginning of
the week prices rose on the
increasing expectation of a
diplomatic solution to the Falk-
lands problem; as the week has
progressed such an outcome has
seemed less likely, but the
markets have lost very little
ground.

So whereas a week ago the
Bank of England had to step
into soothe the nerves of Ihc
money marked after a very
shaky Treasury bill lender,
yesterday the bitf rale Fell a
comforting 0.3 points. Interest
rates throughout the interbank
list are back below 24 per cent,
and the 30-Sharc Index has
gained 16.4 points on the week.

This has a lot to do with
the perception of the Prime
Minister’s position. She seems
to be more firmly in the saddle
of what is admittedly, a very
nasty-tempered horse. More
tangibly, institutional liquidity
is building up nicely.' as it does
when no one buys very much
for a month or so. Fund
managers seem to be taking the
view that to rush into cash—
rather than just holding the
normal base level of liquidity —
is at least as risky as being
fairly fully invested.

Quite large lines or stock —
sold apparently by investment
trusts undergoing rc-organisa-
tion — are being placed fairly
comfortably. And although
companies are not rushing in
to do rights issues at the
moment, the underwriting of
new shares is possible at the
right sort of discount, as The
provision of a partial cash
alternative in the Redland bid
for Cawoods showed.

The financial background
continues to improve, although
the satisfactory figures announ-
ced this week had been well
discounted for some time. The
March retail price index sug-

... — - — - Atlantic. The market has not

l-j av f*]i 1 Q *671 suddenly discovered nerves of

Index tea to oo/.i steP j. u i5 jUSl ^

■ ■ - — ■ ■ sedation.

-FT

GOVERNMENT
SECURITIES
INDEX 1

gests that it is possible the
year-on-year increase might
squeak below 10 per cent in
April. And the. actual fall in
U.S. consumer prices last
month is an important con-
sideration for the London
markets; quite apart from the
information it gives about de-
flation worldwide, any help tn
confidence in Uie U.S. bond
market is good for gilt-edged.
Public sector borrowing, too. is
well under control in the UK.

The equity market has had
plenty more company state-
ments tn bite on. which should
make it easier to judge the
level of economic recovery. The
general tenor of chairman's
statements remains cautious —
ICI Is a particularly noteworthy
example — and reports of better
times are extremely pairhy.

Blit two helpful forces seem
to be at work at present. The
new rash of stock reductions
that broke out last autumn
when interest rates rose seems
to have been corrected,
especially in the last two months
of better weather. And ihe
loiver level of sterling as well
as helping export volume and
profits, is improving margins
slightly in some domestic
markers as import competition
becomes less keen.

Dunlop. for example,
reported that tyre prices were
firming up as some marginal
importers withdrew from the
market; even if their market
share was tiny, their ability tn
depress prices in general was
considerable.

The signs of recovery are
tentative, and it is particularly
difficult to see how consumer
spending is going to increase,
given the low level of wage
settlements. Of course all these
calculations could be upset hy
bad news from the South

Markheath

Banners will bo out- at dm
Unlisted Securities Market.jttjtt
week to welcome the exchange's
onc-hundrcdih member. Amid •
all the celebrations, the hurried
departure plans of one partici-
pant might go virtually un-
noticed. Markheath Securities
is hoping to be the first USM
company to make the jump to
a full Stock Exchange listing.

Markheath is quitting the
market with almost: indecent
haste. . It joined, qnly- last
August. Since - Uae - '.Stock
Exchange's objective ' is that
USM companies should allow a
decent pause to elapse before-
moving up a tier, giving- time:
for a track record, to Tab estab-
lished. its apparent readiness,
to accept Markheath so iootr to
a little puzzling:. Oity one-
profits statement -has had time
to emerge since it joined the
USM and the azrniml accounts
will not he posted until the
proposed listing date.'-

Moreover, (he Stock Exchange
might have wished for a. morn'
conventional first candidate.
Mnrkheath's only punted accuri-.
ties are units of. 54.B per. cent
preferred stock, convert (file' into
ordinary shares oh .highly'
unusual terms.

The company is engaged in
property development and sports
a balance sheet -reminiscent of
another area. Net tangible >
assets of £3.3m support secured '
bank loans of £5. lm. Mark- ,
heath does, howpwr, expect to i
move into cash, surplus

The company- to issuing the ’
minimum aaw»mt : of equity
necessary to conform With Stock !
Exchange requirements and has \
dispensed With: .such tiresome r
practices as the retention of
a merchant bank of the publi-
cation of a new prospectus. It
has almost certainly managed
to obtain a full listing rather
more cheaply than if ii hart
come directly to the Stock ■
Exchange. The expense of .
advertising a full prospectus, ■
for example, has been ofitainetf.

The option of going straight
for a full listing was apparently \
considered by the company last
year.

But there is an obvious
danger that the admission of
Markheath will set an unfor-
tunate precedent. The last
thing ihe Stock Exchange.wanls
is for the USM to be treated as-
a cheap staging post on the way
to a full listing.

What can you
do about them?

The erratic behaviour of U.S. interest rates makes both short and
long-term prediction a hazardous affair.

Bache has recently published a brochure explaining how a
conservative investor could take advantage of a new market without
predicting interest rate trends.

Foryourfreecopy, just call Bache at the number below or send us

the coupon.

5achc Hafspy Sluarf Shields IncoTOratcd

Member New Yort Stock Eicfianoe

Member Securitas Investor Protection Corporation

To; WHTcam L Custard, Manage*; / *

Bache Halsey Stuart Shields Inc., 3-5 Burlington Gardens, I i -
London W1X 1LE Tel: 014394191. Tetex: 263779. / , .£

Please send me a free copy of your brochure

Name

Address

TelephoneNo.

*^ !..ag jfessL.

i’’ 3 \! '
!»'

■

l*"-

as •••

klfc

Unspo

Rally v:->

rr .

©-“Cloud*. F — Fa i_ . B — Riln.

S— Sunny . T— Thundffr.
t Neon GMt nmpardSJra.

Reproduction ol the esnTnnf» ol This nawapBpor In any manner Is nor pttmitnd mtbour DrloULrni.vnnt of lb* twWivtar . i
Rogisterod at tho P*at OHiea. Prinrad by St Clemonfs Press lot and oublnhnd hy lit* Financial Jimw !

Bracken Heuta, Cannop Stroet. London, Ecap. 4BY. V A Tha Financial Time* Ltd— tfltat'

Lie.;-'

\+. m f S'^+<mx

' iiiV'Vie'j'-'